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Borrowings | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Borrowings | Borrowings The following table presents information regarding the Company’s outstanding borrowings at September 30, 2020 and December 31, 2019:
(dollars in thousands) | September 30, 2020 |  | December 31, 2019
Federal Home Loan Bank advances | $ | 22,500 |  |  | $ | 47,000 |
Paycheck Protection Program (PPP) Liquidity Facility | 134,500 |  |  | — |
Other borrowings | 38,042 |  |  | 38,792 |
| $ | 195,042 |  |  | $ | 85,792 |
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 September 30, 2020, the lendable collateral of those loans pledged is $88.6 million. At September 30, 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. 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 4.70%. The proceeds were used for the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank. As of September 30, 2020, the outstanding balance totaled $8.5 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 0.40%. The Company advanced $5.3 million that was used toward the acquisition of LBC Bancshares, Inc. and its subsidiary, Calumet Bank. As of September 30, 2020, the outstanding balance totaled $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 September 30, 2020, the outstanding balance totaled $134.5 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 September 30, 2020 are as follows:
(dollars in thousands) |  |
Year |  | Amount
2021 |  | $ | 5,313 |
2022 |  | — |
2023 |  | 3,000 |
2024 |  | 8,500 |
2025 and After |  | 43,729 |
PPPLF |  | 134,500 |
|  | $ | 195,042 |
The Company also has available federal funds lines of credit with various financial institutions totaling $55.0 million, none of which were outstanding at September 30, 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 September 30, 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 September 30, 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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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