FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS

A summary of Federal Home Loan Bank advances and other borrowings at June 30, 2019 and December 31, 2018 is as follows:



	June 30, 2019			December 31, 2018
Advances from FHLB:
Fixed rates	$	136,000		$	43,000
Overnight borrowings	—			67,000
Total FHLB advances	136,000			110,000
Less: unamortized discount on acquired borrowings	$	(156	)	(187		)
Net FHLB advances	135,844			$	109,813

Other borrowings:
Senior notes:
Variable rate due in June 2031	$	29,856		10,000
Subordinated notes:
6.75% due August 2027, variable rate commencing August 2022	15,000			15,000
Less: unamortized debt issuance costs	(305		)	(353		)
Total other borrowings	$	44,551		$	24,647

Totals	$	180,395		$	134,460

Federal Home Loan Bank Advances and Irrevocable Standby Letters of Credit

Short-term fixed rate FHLB advances of $115,000 mature on various dates through 2019. The Bank acquired one $11,000 long-term FHLB note as a result of the United Bank acquisition, with a 2.45% rate and February 1, 2022 maturity date. During the three months ended June 30, 2019, the Bank entered into a $10,000 FHLB note with a 10-year maturity, callable quarterly, at a fixed interest rate of 1.05%. Each Federal Home Loan Bank advance is payable at the maturity date, with a prepayment penalty for fixed rate advances. The FHLB variable rate open line of credit and fixed rate advances are secured by $674,727 of real estate and commercial and industrial loans.

The Bank has an irrevocable Standby Letter of Credit Master Reimbursement Agreement with the Federal Home Loan Bank. This irrevocable standby letter of credit ("LOC") is supported by loan collateral as an alternative to directly pledging investment securities on behalf of a municipal customer as collateral for their interest bearing deposit balances. These balances were $132,789 and $87,359 at June 30, 2019 and December 31, 2018, respectively.

At June 30, 2019, the Bank’s available and unused portion of this borrowing arrangement was approximately $150,787 compared to $178,620 as of December 31, 2018.

Maximum month-end amounts outstanding under this borrowing agreement were $150,839 and $109,813 during the six months ended June 30, 2019 and the three months ended December 31, 2018, respectively.

Senior Notes and Revolving Line of Credit

On August 1, 2018, the Company entered into a credit agreement, consisting of a $10,000 term note and a $7,500 revolving note. On June 26, 2019, the Company entered into a credit agreement consisting of a $29,856 term note and a $5,000 revolving note. This term note included the refinancing of $10,074 in existing debt and matures on June 26, 2031. This revolving note becomes effective on August 1, 2019, at which time it replaces the Company's existing revolving loan arrangement, and it matures on August 1, 2020. These credit agreements bear interest at variable interest rates based on the U.S. Prime Rate, and are payable in accordance with the terms of the credit agreement. The contractual interest rate for the term note was 4.75% during the three and six months ended June 30, 2019. At June 30, 2019, there were no borrowings outstanding on the revolving note.

Subordinated Notes

On August 10, 2017, the Company issued $15,000 of subordinated notes maturing on August 10, 2027. The subordinated notes are unsecured and are subordinate to the claims of other creditors of the Company. The subordinated notes mature in August 2027, with fixed interest rate for five years of 6.75%, and in August 2022, convert to a three-month LIBOR plus 4.90% variable rate, and will reset quarterly thereafter. Interest on the Notes will be payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year through the maturity date.

Debt Issuance Costs

The unamortized amount of debt issuance costs was $305 and $353 at June 30, 2019 and December 31, 2018, respectively. These debt issuance costs are included in other borrowings on the consolidated balance sheet.

Maturities of FHLB advances and other borrowings are as follows:



Fiscal years ending December 31,
2019	$	115,000
2020	—
2021	—
2022	10,844
2023	—
Thereafter	54,551
	$	180,395