OTHER BORROWINGS

3 Months Ended

Mar. 31, 2019

NOTE 8 – OTHER BORROWINGS

Other borrowings consist of the following:



(dollars in thousands)	March 31, 2019		December 31, 2018
FHLB borrowings:
Convertible Flipper Advance due May 22, 2019; current interest rate of 4.68%	$	1,505	$	1,514
Principal Reducing Advance due June 20, 2019; fixed interest rate of 1.274%	250		500
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55%	1,431		1,434
Fixed Rate Advance due December 9, 2030; fixed interest rate of 4.55%	990		993
Principal Reducing Advance due September 29, 2031; fixed interest rate of 3.095%	1,822		1,858
Subordinated notes payable:
Subordinated notes payable due March 15, 2027 net of unamortized debt issuance cost of $1,041 and $1,074, respectively; fixed interest rate of 5.75% through March 14, 2022; variable interest rate thereafter at three-month LIBOR plus 3.616%	73,959		73,926
Other debt:
Advance from correspondent bank due October 5, 2019; secured by a loan receivable; fixed interest rate of 4.25%	13		20
Advance from correspondent bank due September 5, 2026; secured by a loan receivable; fixed interest rate of 2.09%	1,484		1,529
Advances under revolving credit agreement with a regional bank due September 26, 2020; secured by subsidiary bank stock; variable interest rate at 90-day LIBOR plus 3.50% (6.13% at March 31, 2019)	70,000		70,000
Total	$	151,454	$	151,774

The advances from the FHLB are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At March 31, 2019, $2.04 billion was available for borrowing on lines with the FHLB.

At March 31, 2019, the Company had a revolving credit arrangement with a regional bank with a maximum line amount of $100.0 million. This line of credit is secured by subsidiary bank stock, expires on September 26, 2020, and bears a variable interest rate of 90-day LIBOR plus 3.50%. At March 31, 2019, there was $30.0 million available for borrowing under the revolving credit arrangement.

As of March 31, 2019, the Bank maintained credit arrangements with various financial institutions to purchase federal funds up to $117.0 million.

The Bank also participates in the Federal Reserve discount window borrowings program. At March 31, 2019, the Company had $1.60 billion of loans pledged at the Federal Reserve discount window and had $1.11 billion available for borrowing.