Borrowings	9 Months Ended
Sep. 30, 2020
Borrowings
Borrowings	Note 5: Borrowings The Company began borrowing from the Federal Reserve discount window during the nine months ended September 30, 2020. This arrangement has a maximum borrowing limit of collateral pledged multiplied by an advance rate. Borrowing maturities can range from 24 hours to up to a term of 90 days. As of September 30, 2020, the outstanding balance was $295.0 million. This 24-hour advance was based on a fixed interest rate of 0.25% set by the Federal Reserve for Primary Credit institutions. During the three months ended September 30, 2020, the Company began borrowing from the Paycheck Protection Program Liquidity Facility (“PPPLF”) established as a result of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). This arrangement has a maximum borrowing limit of collateral pledged in the form of Pay Check Protection (“PPP”) loans. Borrowing terms require repayments that coincide with maturity dates or early payment of PPP loans as payments are made or loans are forgiven by the Small Business Association (“SBA”). As of September 30, 2020, maturity dates range from April 1, 2022 to July 1, 2025, and the outstanding balance was $87.1 million. This borrowing facility was based on a fixed interest rate of 0.35% set by the Federal Reserve.

Borrowings

9 Months Ended

Sep. 30, 2020

Note 5: Borrowings

The Company began borrowing from the Federal Reserve discount window during the nine months ended September 30, 2020. This arrangement has a maximum borrowing limit of collateral pledged multiplied by an advance rate. Borrowing maturities can range from 24 hours to up to a term of 90 days. As of September 30, 2020, the outstanding balance was $295.0 million. This 24-hour advance was based on a fixed interest rate of 0.25% set by the Federal Reserve for Primary Credit institutions.

During the three months ended September 30, 2020, the Company began borrowing from the Paycheck Protection Program Liquidity Facility (“PPPLF”) established as a result of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). This arrangement has a maximum borrowing limit of collateral pledged in the form of Pay Check Protection (“PPP”) loans. Borrowing terms require repayments that coincide with maturity dates or early payment of PPP loans as payments are made or loans are forgiven by the Small Business Association (“SBA”). As of September 30, 2020, maturity dates range from April 1, 2022 to July 1, 2025, and the outstanding balance was $87.1 million. This borrowing facility was based on a fixed interest rate of 0.35% set by the Federal Reserve.