Federal funds purchased and retail repurchase agreements as of March 31, 2020, and December 31, 2019, are listed below.

The Company has available federal funds lines of credit with its correspondent banks.

Securities sold under agreements to repurchase (retail repurchase agreements) consist of obligations of the Company to other parties. The obligations are secured by residential mortgage-backed securities held by the Company with a fair value of $42,329 and $40,412 at March 31, 2020, and December 31, 2019. The agreements are on a day-to-day basis and can be terminated on demand.

	March 31, 2020			December 31, 2019
Year-to-date average daily balance during the period	$	35,800		$	42,459
Maximum month-end balance year-to-date	$	37,113		$	45,575
Weighted average interest rate at period-end		0.36	%		0.40	%

	March 31, 2020		Weighted Average Rate			Weighted Average Term in Years
Federal Home Loan Bank line of credit advances	$	127,000		0.85	%	—
Federal Home Loan Bank fixed-rate term advances		262,570		0.83	%		0.5
Total principal outstanding		389,570
Merger purchase accounting adjustment		50
Total Federal Home Loan Bank advances	$	389,620

	December 31, 2019		Weighted Average Rate			Weighted Average Term in Years
Federal Home Loan Bank line of credit advances	$	311,223		1.79	%	—
Federal Home Loan Bank fixed-rate term advances		13,095		2.80	%		2.7
Total principal outstanding		324,318
Merger purchase accounting adjustment		55
Total Federal Home Loan Bank advances	$	324,373

The advances, Mortgage Partnership Finance credit enhancement obligations and letters of credit were collateralized by certain qualifying loans totaling $685,601 and $811,394 at March 31, 2020, and December 31, 2019. Based on this collateral and the Company’s holdings of Federal Home Loan Bank stock, the Company was eligible to borrow an additional $279,633 and $448,278 at March 31, 2020, and December 31, 2019.

Future principal repayments of the March 31, 2020, outstanding balances are as follows.

On March 13, 2017, the Company entered into an agreement with an unaffiliated financial institution that provided for a maximum borrowing facility of $30,000, secured by the Company’s stock in Equity Bank. The borrowing facility was amended on March 11, 2019 to provide a maximum borrowing facility of $40,000 and extend the maturity to May 15, 2020. Each draw of funds on the facility will create a separate note that is repayable over a term of five years. Each note will bear interest at a variable interest rate equal to the prime rate published in the “Money Rates” section of The Wall Street Journal (or any generally recognized successor), floating daily. Accrued interest and principal payments will be due quarterly with one final payment of unpaid principal and interest due at the end of the five-year term of each separate note. The Company is also required to pay an unused commitment fee in an amount equal to 20 basis points per annum on the unused portion of the maximum borrowing facility. In conjunction with the latest draw of funds, completed in late March 2020, the Company has agreed to set aside eight quarters of debt service into a specified demand deposit account.

Future principal repayments of the March 31, 2020, outstanding balances are as follows.

The terms of the borrowing facility require the Company and Equity Bank to maintain minimum capital ratios, and other covenants. In the event of default, the lender has the option to declare all outstanding balances immediately due. For the quarter ended March 31, 2020, the lender has granted the Company a waiver with reference to the return on asset ratio covenant contained within our loan contract. The Company was in compliance with all other terms of the borrowing facility.

In conjunction with prior acquisitions, the Company assumed certain subordinated debentures owed to special purpose unconsolidated subsidiaries that are controlled by the Company.

FCB Capital Trust II (“CTII”): The trust preferred securities issued by CTII accrue and pay distributions quarterly at three-month LIBOR plus 2.00% on the stated liquidation amount of the trust securities. These trust preferred securities are mandatorily redeemable upon maturity on April 15, 2035, or upon earlier redemption.

FCB Capital Trust III (“CTIII”): The trust preferred securities issued by CTIII accrue and pay distributions quarterly at three-month LIBOR plus 1.89% on the stated liquidation amount of the trust securities. These trust preferred securities are mandatorily redeemable upon maturity on June 15, 2037, or upon earlier redemption.

Community First (AR) Statutory Trust I (“CFSTI”): The trust preferred securities issued by CFSTI accrue and pay distributions quarterly at three-month LIBOR plus 3.25% on the stated liquidation amount of the trust securities. These trust preferred securities are mandatorily redeemable upon maturity on December 26, 2032, or upon earlier redemption.

Subordinated debentures as of March 31, 2020, and December 31, 2019, are listed below.

	March 31, 2020			Weighted Average Rate			Weighted Average Term in Years
CTII subordinated debentures	$	10,310			3.83	%		15.0
CTIII subordinated debentures		5,155			2.63	%		17.2
CFSTI subordinated debentures		5,155			4.48	%		12.7
Total contractual balance		20,620
Fair market value adjustments		(5,982	)
Total subordinated debentures	$	14,638

	December 31, 2019			Weighted Average Rate			Weighted Average Term in Years
CTII subordinated debentures	$	10,310			3.99	%	15.3
CTIII subordinated debentures		5,155			3.78	%		17.5
CFSTI subordinated debentures		5,155			5.20	%		13.0
Total contractual balance		20,620
Fair market value adjustments		(6,059	)
Total subordinated debentures	$	14,561