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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:
Description | Maturity Date |  | Amount |  | Interest Rate
(dollars in thousands) |  |  |  |  |  |  |
FHLB Advances | February 3, 2023 |  | $ | 3,000 |  |  | 3.51%
FHLB Advances | March 21, 2028 |  | 5,000 |  |  | 2.67%
FHLB Advances | August 15, 2025 |  | 4,500 |  |  | 2.62%
FHLB Advances | July 30, 2029 |  | 10,000 |  |  | 1.01%
FHLB Advances | July 11, 2029 |  | 10,000 |  |  | 1.03%
FHLB Advances | November 9, 2029 |  | 20,000 |  |  | 1.07%
Term Note | May 24, 2025 |  | 7,250 |  |  | 4.70%
Revolving Credit | July 30, 2022 |  | 5,313 |  |  | 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:
Description | Maturity Date |  | Amount |  | Interest Rate
(dollars in thousands) |  |  |  |  |  |  |
FHLB Advances | February 3, 2023 |  | $ | 3,000 |  |  | 3.51%
FHLB Advances | March 21, 2028 |  | 5,000 |  |  | 2.67%
FHLB Advances | August 15, 2025 |  | 4,500 |  |  | 2.62%
FHLB Advances | July 30, 2029 |  | 10,000 |  |  | 1.01%
Paycheck Protection Program Liquidity Facility | (1) |  | 106,789 |  |  | 0.35%
Term Note | May 24, 2025 |  | 8,250 |  |  | 4.70%
Revolving Credit | May 21, 2021 |  | 5,313 |  |  | 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.
Description | Date | Amount |  | Added Points |  |  | Maturity | 5-Year Call Option
(dollars in thousands) |  |  |  |  |  |  |  |
Colony Bankcorp Statutory Trust III | June 16, 2004 | $ | 4,640 |  |  | 2.68% |  |  | June 14, 2034 | June 17, 2009
Colony Bankcorp Capital Trust I | April 13, 2006 | 5,155 |  |  | 1.50% |  |  | April 13, 2036 | April 13, 2011
Colony Bankcorp Capital Trust II | March 12, 2007 | 9,279 |  |  | 1.65% |  |  | March 12, 2037 | March 12, 2012
Colony Bankcorp Capital Trust III | September 14, 2007 | 5,155 |  |  | 1.40% |  |  | September 14, 2037 | September 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.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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