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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. 

<img src='content_image/1031989.jpg'>

The following table shows scheduled maturities of time deposits, including both private and public funds, at December 31, 2020. 

<img src='content_image/1031993.jpg'>

## Note 11 — Borrowed Funds and Mandatorily Redeemable Securities 

The following table shows the details of long-term debt and mandatorily redeemable securities as of December 31, 2020 and 2019. 

<img src='content_image/1031994.jpg'>

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. 

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. 

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. 

The following table shows the details of short-term borrowings as of December 31, 2020 and 2019. 

<img src='content_image/1031995.jpg'>

