Table of Contents The following table shows the amount of certificates of deposit of $250,000 or more and other time deposits of $250,000 or more outstanding at December 31, 2020, by time remaining until maturity. (Dollars in thousands)  Under 3 months $ 117,444  4 – 6 months 83,262  7 – 12 months 80,237  Over 12 months 172,214  Total $ 453,157 The following table shows scheduled maturities of time deposits, including both private and public funds, at December 31, 2020. The following table shows the details of long-term debt and mandatorily redeemable securities as of December 31, 2020 and 2019. Note 11 — Borrowed Funds and Mandatorily Redeemable Securities (Dollars in thousands) 2021 $ 834,723  2022 170,270  2023 108,353  2024 41,353  2025 7,789  Thereafter 4,869  Total $ 1,167,357 (Dollars in thousands)  2020 2019 Federal Home Loan Bank borrowings (0.54% – 5.04%) $ 55,183 $ 45,819  Mandatorily redeemable securities 20,358 17,972  Other long-term debt 6,323 7,848  Total long-term debt and mandatorily redeemable securities $ 81,864 $ 71,639  2020 2019 (Dollars in thousands)  Amount Weighted Average Rate Amount Weighted Average Rate Federal funds purchased $ — — % $ —  —  % Security repurchase agreements 143,564 0.08 120,459  0.23  Commercial paper 4,766 0.13 3,993  0.29  Federal Home Loan Bank advances — — 20,000  1.61  Other short-term borrowings 2,311 — 1,441  —  Total short-term borrowings $ 150,641 0.08 % $ 145,893  0.42  % 69 The following table shows the details of short-term borrowings as of December 31, 2020 and 2019. Mandatorily redeemable securities as of December 31, 2020 and 2019, of $20.36 million and $17.97 million, respectively reflected the “book value” shares under the 1st Source Executive Incentive Plan. See Note 16 - Stock Based Compensation (Stock Award Plans) for additional information. Dividends paid on these shares and changes in book value per share are recorded as Other interest expense on the Consolidated Statements of Income. Total interest expense recorded for 2020, 2019, and 2018 was $2.14 million, $2.22 million, and $1.61 million, respectively. At December 31, 2020, the Federal Home Loan Bank borrowings represented a source of funding for community economic development activities, agricultural loans and general funding for the bank and consisted of 18 fixed rate notes with maturities ranging from 2021 to 2030. These notes were collateralized by $68.95 million of certain real estate loans. Annual maturities of long-term debt outstanding at December 31, 2020, for the next five years and thereafter beginning in 2021, are as follows (in thousands): $3,168; $4,830; $2,049; $11,187; $145; and $60,485.