As of December 31, 2018 and 2017, the Company had $100.0 million and $70.0 million of outstanding FHLB advances, respectively, consisting of four and two advances, respectively. FHLB advances are secured by a blanket lien of $299.1 million on qualified one-to-four family real estate, commercial real estate, and multi-family residential loans. Immediate available credit, as of December 31, 2018, was $138.1 million against a total line of credit of $256.1 million. As of December 31, 2018, the Bank had $18.0 million of letters of credit issued by FHLB for the benefit of the Virginia Department of the Treasury as collateral for public deposits held by the Bank to comply with the Security for Public Deposits Act. The $18.0 million is not an outstanding borrowing, as of December 31, 2018, but does reduce the available credit under FHLB credit line.

The following table presents information regarding the FHLB advances outstanding as of December 31, 2018.

							Maturity
	Balance		Originated	Interest Rate			Date
Adjustable rate hybrid	$	10,000	4/12/2013		4.82	%	4/13/2020
Fixed rate credit		75,000	12/4/2018		2.42	%	1/4/2019
Fixed rate credit		5,000	12/18/2018		2.49	%	1/4/2019
Fixed rate credit		10,000	12/19/2018		2.51	%	1/4/2019
Total FHLB advances	$	100,000			2.67	%

Securities sold under repurchase agreements were $6.1 million and $9.5 million as of December 31, 2018 and 2017, respectively. Securities sold under agreements to repurchase are secured transactions with customers, generally mature the day following the day sold and can be changed at the option of the Company with minimal risk of loss due to fair value. During 2018 and 2017, the average rates of the repurchase agreements were 0.22% and 0.17%, respectively.

On May 28, 2015, the Company entered into a purchase agreement with 29 accredited investors under which the Company issued an aggregate of $7.0 million of subordinated notes (the “notes”) to the accredited investors. The notes have a maturity date of May 28, 2025 and bear interest, payable on the first of March and September of each year, at a fixed interest rate of 6.50% per year. The notes are not convertible into common stock or preferred stock and are not callable by the holders. The Company has the right to redeem the notes, in whole or in part, without premium or penalty, at any interest payment date on or after May 28, 2020, but in all cases in a principal amount with integral multiples of $1,000, plus interest accrued and unpaid through the date of redemption. If an event of default occurs, such as the bankruptcy of the Company, the holder of a note may declare the principal amount of the notes to be due and immediately payable. The notes are unsecured, subordinated obligations of the Company and rank junior in right of payment to the Company’s existing and future senior indebtedness. The notes qualify as Tier 2 capital for regulatory reporting. The aggregate carrying value of the notes, including capitalized, unamortized debt issuance costs, was $6.9 million at both December 31, 2018 and 2017. For the year ended December 31, 2018 and 2017, the effective interest rate on the notes was 6.85% and 6.86%, respectively.

The aggregate carrying value of debt secured by shares of Company stock, issued and outstanding, in the Company’s Employee Stock Ownership Plan (“ESOP”) was $1.7 million and $1.1 million at December 31, 2018 and 2017, respectively, and was reported in other liabilities on the consolidated balance sheets. The debt is comprised of five fixed rate amortizing notes, four of which carry an interest rate of 3.25% and one that carries an interest rate of 4.50% with maturity dates ranging from March 1, 2019 to December 31, 2027, and one variable rate amortizing note with a maturity date of June 14, 2024. Shares that collateralize these loans are not allocated to ESOP participants’ accounts.

Unused lines of credit with nonaffiliated banks, excluding FHLB, totaled $21.0 million and $24.5 million at December 31, 2018 and 2017, respectively. Draws upon these lines have time limits varying from two to four consecutive weeks. The banks providing these lines can change the interest rates on these lines daily. The lines renew annually and can be cancelled at any time.