Borrowings

3 Months Ended

Mar. 31, 2020

The following table presents information regarding the Company’s outstanding borrowings at March 31, 2020 and December 31, 2019:


(dollars in thousands)	March 31, 2020		December 31, 2019
Federal Home Loan Bank advances	$	36,500	$	47,000
Other borrowings	14,563		14,563
	$	51,063	$	61,563

Advances from the Federal Home Loan Bank (“FHLB”) have maturities ranging from 2021 to 2029 and interest rates ranging from 0.52% 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, 2020, the lendable collateral of those loans pledged is $103.1 million. At March 31, 2020, the Company had remaining credit availability from the FHLB of $341.4 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 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 4.7%. The proceeds were used for the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank. As of March 31, 2020, the outstanding balance totaled $9.3 million.

On 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 0.4%. The Company advanced $5.3 million that was used toward the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank. As of March 31, 2020, the outstanding balance totaled $5.3 million.

The aggregate stated maturities of other borrowed money at March 31, 2020 are as follows:


(in thousands)
Year	Amount

2021	$	5,313
2022	14,000
2023	3,000
2024	9,250
2025 and After	19,500
	$	51,063

The Company also has available federal funds lines of credit with various financial institutions totaling $55.0 million, none of which were outstanding at March 31, 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 March 31, 2020, 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, 2020 and December 31, 2019, 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.