Borrowings

3 Months Ended

Mar. 31, 2021

The following table presents information regarding the Company’s outstanding borrowings at March 31, 2021 and December 31, 2020:


(dollars in thousands)	March 31, 2021		December 31, 2020
Federal Home Loan Bank advances	$	22,500	$	22,500
Paycheck Protection Program (PPP) Liquidity Facility	60,602		106,789
Other borrowings	37,542		37,792
	$	120,644	$	167,081

Advances from the Federal Home Loan Bank (“FHLB”) have maturities ranging from 2021 to 2029 and interest rates ranging from 1.05% to 3.51%. As collateral on the outstanding FHLB advances, the Company has provided a blanket lien on its portfolio of qualifying residential first mortgage loans, commercial loans, multifamily loans and HELOC loans. At March 31, 2021, the lendable collateral of those loans pledged is $88.6 million. At March 31, 2021, the Company had remaining credit availability from the FHLB of $417.7 million. The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line.

On May 1, 2019, the Company entered into two borrowing arrangements with a correspondent bank for $10.0 million each. The term note is secured by the Bank’s stock, expires on May 1, 2024, and bears a fixed interest rate of 4.70%. The line of credit is secured by the Bank’s stock, expires on July 30, 2021, and bears a variable interest rate of Wall Street Journal Prime minus 0.40%.The proceeds were used for the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank. As of March 31, 2021, the outstanding balance totaled $8.0 million and $5.3 million.

On April 20, 2020 the Company completed a Paycheck Protection Program Liquidity Facility (PPPLF) credit arrangement with The Federal Reserve Bank. This line of credit is secured by PPP loans and bears a fixed interest rate of 0.35% with a maturity date equal to the maturity date of the related PPP loans, with the PPP loans maturing either two or five years from the origination date of the PPP loan. An advance of $140.7 million through the PPPLF was used for the funding of PPP loans. As of March 31, 2021, the outstanding balance totaled $60.6 million, and the Company's PPP loans and related PPPLF funding had a weighted average life of approximately 2 years.

The aggregate stated maturities of other borrowed money at March 31, 2021 are as follows:


(dollars in thousands)
Year	Amount

2021	$	5,313
2022	—
2023	3,000
2024	8,000
2025	4,500
2026 and After	39,229
PPPLF	60,602
	$	120,644

The Company also has available federal funds lines of credit with various financial institutions totaling $41.5 million, none of which were outstanding at March 31, 2021.

The Company has the ability to borrow funds from the Federal Reserve Bank (“FRB”) of Atlanta utilizing the discount window. The discount window is an instrument of monetary policy that allows eligible institutions to borrow money from the FRB on a short-term basis to meet temporary liquidity shortages caused by internal or external disruptions. At March 31, 2021, the Company had borrowing capacity available under this arrangement, with no outstanding balances. The Company would be required to pledge certain available-for-sale investment securities as collateral under this agreement.

The Company's Trust Preferred Securities are recorded as subordinated debentures on the consolidated balance sheets, but subject to certain limitations, qualify as Tier 1 Capital for regulatory capital purposes. At March 31, 2021 and December 31, 2020, Trust Preferred Securities was $24.2 million. The proceeds from the offerings were used to fund certain acquisitions, pay off holding company debt and inject capital into the bank subsidiary. The Trust preferred securities pay interest quarterly.