(

) Other Borrowed Money

Other borrowed money at

June 30, 2019

and

December 31, 2018

is summarized as follows:

	June 30, 2019		December 31, 2018

Federal Home Loan Bank Advances	$	40,000	$	44,000
Other Borrowings		15,063		-
	$	55,063	$	44,000

Advances from the Federal Home Loan Bank (“FHLB”) have maturities ranging from

2020

2028

and interest rates ranging from

0.98

percent to

3.51

percent. 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

June 30, 2019,

the book value of those loans pledged is

$168,066.

June 30, 2019,

the Company had remaining credit availability from the FHLB of

$261,264.

The Company

may

be required to pledge additional qualifying collateral in order to utilize the full amount of the remaining credit line.

May 1, 2019,

the Company completed a borrowing arrangement with a correspondent bank for

$10.0

million. The term note is secured by the Bank’s stock, expires on

May 1, 2024,

and bears a fixed interest rate of

4.70

percent. The proceeds were used for the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank. As of

June 30, 2019,

the outstanding balance totaled

$9.8

million.

May 1, 2019,

the Company completed a revolving credit arrangement with a correspondent bank with a maximum line amount of

$10.0

million. This line of credit is secured by the Bank’s stock, expires on

May 1, 2021,

and bears a variable interest rate of Wall Street Journal Prime minus

0.40

percent. The Company advanced

$5.3

million that was used toward the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank. As of

June 30, 2019,

the outstanding balance totaled

$5.3

million.

The aggregate stated maturities of other borrowed money at

June 30, 2019

are as follows:

Year	Amount
2019	$	500
2020		4,500
2021		6,313
2022		19,000
2023		7,000
2024 and After		17,750
	$	55,063

The Company also has available federal funds lines of credit with various financial institutions totaling

$48,000,

none

of which were outstanding at

June 30, 2019.

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

June 30, 2019,

the Company had borrowing capacity available under this arrangement, with

outstanding balances. The Company would be required to pledge certain available-for-sale investment securities as collateral under this agreement.

Part I (Continued)

Item

(Continued)