FHLB ADVANCES AND OTHER BORROWINGS

12 Months Ended

Dec. 31, 2019

FHLB ADVANCES AND OTHER BORROWINGS

FHLB ADVANCES AND OTHER BORROWINGS

Note 13 – FHLB Advances and Other Borrowings

The following table summarizes our FHLB advances and other borrowings at December 31, 2019 and 2018:

(dollars in thousands)	2019		2018
Midland States Bancorp, Inc.
Term loan – variable interest rate equal to LIBOR plus 2.25%, which was 4.63% at December 31, 2018	$	—	$	32,840
Series G redeemable preferred stock – 181 shares at $1,000 per share		181		181
Midland States Bank
FHLB advances – fixed rate, fixed term of $28.0 million and $87.7 million, at rates averaging 2.56% and 2.35% at December 31, 2019 and 2018, respectively – maturing through June 2023, and putable fixed rate of $465.0 million and $520.0 million at rates averaging 2.34% and 2.09% at December 31, 2019 and 2018, respectively, – maturing through August 2025 with call provisions through August 2021		493,130		607,610
Total FHLB advances and other borrowings	$	493,311	$	640,631

In May 2017, the Company entered into a loan agreement with another bank for a revolving line of credit in the original principal amount of up to $10.0 million and a term loan in the original principal amount of $40.0 million. The

term loan had a maturity date of May 25, 2020. In September 2019, the Company paid off the term loan and terminated the revolving line of credit.

The Company’s advances from the FHLB are collateralized by a blanket collateral agreement of qualifying mortgage and home equity line of credit loans and certain commercial real estate loans totaling $1.94 billion and $2.22 billion at December 31, 2019 and 2018, respectively.

Contractual payments over the next five years for FHLB advances and other borrowings were as follows:

(dollars in thousands)	Amount
2020	$	3,897
2021		8,385
2022		65,754
2023		235,094
2024		100,000
Thereafter		80,181
Total	$	493,311