Note 10. Borrowings and Borrowings Availability

The following tables present information regarding the Company's outstanding borrowings at December 31, 2015 and 2014:

			2015
Description - 2015	Due date	Call Feature	Amount		Interest Rate

FHLB Term Note	1/19/16	None	$	30,000,000	0.41% fixed
FHLB Term Note	1/29/16	None		50,000,000	0.38% fixed
FHLB Term Note	12/27/16	None		20,000,000	0.76% fixed
FHLB Term Note	12/26/17	None		20,000,000	1.19% fixed
FHLB Term Note	12/24/18	None		20,000,000	1.57% fixed
Trust Preferred Securities	1/23/34	Quarterly by Company beginning 1/23/09		20,620,000	3.02% at 12/31/15 adjustable rate 3 month LIBOR + 2.70%

Trust Preferred Securities	6/15/36	Quarterly by Company beginning 6/15/11		25,774,000	1.90% at 12/31/15 adjustable rate 3 month LIBOR + 1.39%
Total borrowings / weighted average rate as of December 31, 2015			$	186,394,000	1.14%

Description - 2014	Due date	Call Feature	2014 Amount		Interest Rate

FHLB Term Note	1/29/15	None	$	50,000,000	0.20%fixed
FHLB Term Note	9/30/15	None		20,000,000	0.44%fixed
Trust Preferred Securities	1/23/34	Quarterly by Company beginning 1/23/09		20,620,000	2.96% at 12/31/14 adjustable rate 3 month LIBOR + 2.70%

Trust Preferred Securities	6/15/36	Quarterly by Company beginning 6/15/11		25,774,000	1.65% at 12/31/14 adjustable rate 3 month LIBOR + 1.39%
Total borrowings / weighted average rate as of December 31, 2014			$	116,394,000	1.05%

All outstanding FHLB borrowings may be accelerated immediately by the FHLB in certain circumstances, including material adverse changes in the condition of the Company or if the Company's qualifying collateral amounts to less than that required under the terms of the FHLB borrowing agreement.

In the above tables, the $20.6 million in borrowings due on January 23, 2034 relate to borrowings structured as trust preferred capital securities that were issued by First Bancorp Capital Trusts II and III ($10.3 million by each trust), which are unconsolidated subsidiaries of the Company, on December 19, 2003 and qualify as capital for regulatory capital adequacy requirements. These unsecured debt securities are callable by the Company at par on any quarterly interest payment date beginning on January 23, 2009. The interest rate on these debt securities adjusts on a quarterly basis at a rate of three-month LIBOR plus 2.70%.

In the above tables, the $25.8 million in borrowings due on June 15, 2036 relate to borrowings structured as trust preferred capital securities that were issued by First Bancorp Capital Trust IV, an unconsolidated subsidiary of the Company, on April 13, 2006 and qualify as capital for regulatory capital adequacy requirements. These unsecured debt securities are callable by the Company at par on any quarterly interest payment date beginning on June 15, 2011. The interest rate on these debt securities adjusts on a quarterly basis at a rate of three-month LIBOR plus 1.39%.

At December 31, 2015, the Company had four sources of readily available borrowing capacity – 1) an approximately $589 million line of credit with the FHLB, of which $140 million was outstanding at December 31, 2015 and $70 million was outstanding at December 31, 2014, 2) a $50 million overnight federal funds line of credit with a correspondent bank, of which none was outstanding at December 31, 2015 or 2014 3) a $35 million federal funds line of credit with a correspondent bank, of which none was outstanding at December 31, 2015 or 2014, and 4) an approximately $88 million line of credit through the Federal Reserve Bank of Richmond's (FRB) discount window, of which none was outstanding at December 31, 2015 or 2014.

The Company's line of credit with the FHLB totaling approximately $589 million can be structured as either short-term or long-term borrowings, depending on the particular funding or liquidity needs and is secured by the Company's FHLB stock and a blanket lien on most of its real estate loan portfolio. The borrowing capacity was reduced by $193 million at both December 31, 2015 and 2014, as a result of the Company pledging letters of credit for public deposits at each of those dates. Accordingly, the Company's unused FHLB line of credit was $256 million at December 31, 2015.

The Company's two correspondent bank relationships allows the Company to purchase up to $50 million and $35 million in federal funds on an overnight, unsecured basis (federal funds purchased). The Company had no borrowings outstanding under these lines at December 31, 2015 or 2014.

The Company has a line of credit with the FRB discount window. This line is secured by a blanket lien on a portion of the Company's commercial and consumer loan portfolio (excluding real estate). Based on the collateral owned by the Company as of December 31, 2015, the available line of credit was approximately $88 million. The Company had no borrowings outstanding under this line of credit at December 31, 2015 or 2014.