XML 39 R19.htm IDEA: XBRL DOCUMENT v3.22.0.1
Borrowings
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
The following table presents information regarding the Company’s outstanding borrowings at December 31, 2021:
DescriptionMaturity DateAmountInterest Rate
(dollars in thousands)
FHLB AdvancesFebruary 3, 2023$3,000 3.51%
FHLB AdvancesMarch 21, 20285,000 2.67%
FHLB AdvancesAugust 15, 20254,500 2.62%
FHLB AdvancesJuly 30, 202910,000 1.01%
FHLB AdvancesJuly 11, 202910,000 1.03%
FHLB AdvancesNovember 9, 202920,000 1.07%
Term NoteMay 24, 20257,250 4.70%
Revolving CreditJuly 30, 20225,313 2.85%
Subordinated debentures(2)24,229 (3)
Fair Value Adjustment for FHLB Borrowings acquired from SouthCrest(844)
Total borrowings$88,448 

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

DescriptionMaturity DateAmountInterest Rate
(dollars in thousands)
FHLB AdvancesFebruary 3, 2023$3,000 3.51%
FHLB AdvancesMarch 21, 20285,000 2.67%
FHLB AdvancesAugust 15, 20254,500 2.62%
FHLB AdvancesJuly 30, 202910,000 1.01%
Paycheck Protection Program Liquidity Facility(1)106,789 0.35%
Term NoteMay 24, 20258,250 4.70%
Revolving CreditMay 21, 20215,313 2.85%
Subordinated debentures(2)24,229 (3)
Total borrowings$167,081 
(1)Maturity date is equal to the maturity date of the related PPP loans.
(2) See maturity dates in table below.
(3) Interest rates for all subordinated debentures are at the three-month LIBOR plus added points as noted in table below.
As collateral on the outstanding FHLB advances, the Company has provided a blanket lien on its portfolio of qualifying residential first mortgage loans and commercial loans. At December 31, 2021 and 2020, the lendable collateral value of those loans pledged was $130.3 million and $88.2 million, respectively. At December 31, 2021, the Company had remaining credit availability from the FHLB of $574.7 million. At December 31, 2020, the Company had remaining credit availability from the FHLB of $416.1 million. The Company may be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line.

At December 31, 2021 and 2020, the Company also has available federal funds lines of credit with various financial institutions totaling $64.5 million and $41.5 million, respectively, of which there were none outstanding at December 31, 2021 and 2020.

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 December 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.

On April 20, 2020 the Company completed a Paycheck Protection Program Liquidity Facility ("PPPLF") credit arrangement with the Federal Reserve. This line of credit was secured by PPP loans and bore 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. The Company's PPPLF was paid off in second quarter of 2021.

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 24, 2025, 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 December 31, 2021, the outstanding balance on the term note and the line of credit were $7.3 million and $5.3 million, respectively. As of December 31, 2020, the outstanding balance totaled of the term note and the line of credit were $8.3 million and $5.3 million, respectively.

The following table presents the information regarding the Company's subordinated debentures at December 31, 2021 and 2020. All subordinated debentures are at three month LIBOR rat plus added points noted below at December 31, 2021 and 2020.
 
DescriptionDateAmountAdded
Points 		Maturity5-Year
Call Option
(dollars in thousands)
Colony Bankcorp Statutory Trust IIIJune 16, 2004$4,640 2.68%June 14, 2034June 17, 2009
Colony Bankcorp Capital Trust IApril 13, 20065,155 1.50%April 13, 2036April 13, 2011
Colony Bankcorp Capital Trust IIMarch 12, 20079,279 1.65%March 12, 2037March 12, 2012
Colony Bankcorp Capital Trust IIISeptember 14, 20075,155 1.40%September 14, 2037September 14, 2012

The Trust Preferred Securities are recorded as subordinated debentures on the consolidated balance sheets, and subject to certain limitations, qualify as Tier 1 Capital for regulatory capital purposes. The proceeds from these 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.