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BORROWINGS | 12 Months Ended
--- | ---
Dec. 31, 2022
Debt Disclosure [Abstract] |
BORROWINGS | BORROWINGS The following table presents information regarding the Company’s outstanding borrowings at December 31, 2022:
Description | Maturity Date |  | Amount |  | Interest Rate
(dollars in thousands) |  |  |  |  |
FHLB Advances | March 21, 2028 |  | $ | 5,000 |  |  | 2.67%
FHLB Advances | January 5, 2023 |  | 20,000 |  |  | 4.18%
FHLB Advances | January 9, 2023 |  | 20,000 |  |  | 4.15%
FHLB Advances | March 8, 2023 |  | 10,000 |  |  | 4.65%
FHLB Advances | January 17, 2023 |  | 20,000 |  |  | 4.15%
FHLB Advances | January 20, 2023 |  | 15,000 |  |  | 4.23%
FHLB Advances | December 22, 2027 |  | 15,000 |  |  | 4.00%
FHLB Advances | January 30, 2023 |  | 20,000 |  |  | 4.23%
FRB Discount Window | January 5, 2023 |  | 15,000 |  |  | 4.10%
Subordinated notes | May 20, 2032 |  | 39,123 |  |  | 5.25%
Subordinated debentures | (1) |  | 24,229 |  |  | (1)
Total borrowings |  | $ | 203,352 |  |  |
(1) See individual maturity dates and interest rates in table below. 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 | (1) |  | 24,229 |  |  | (1)
Fair value adjustment for FHLB Borrowings acquired from SouthCrest |  |  | (844) |  |  | N/A
Total borrowings |  | $ | 88,448 |  |  |  |  |
(1) See individual maturity dates and interest rates 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, commercial loans, multifamily loans and HELOC loans, as well as U.S. Treasury and Agency securities. At December 31, 2022 and 2021, the lendable collateral value of those loans and securities pledged was $150.0 million and $130.3 million, respectively. At December 31, 2022, the Company had remaining credit availability from the FHLB of $574.9 million. At December 31, 2021, the Company had remaining credit availability from the FHLB of $574.7 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, 2022 and 2021, the Company also has available federal funds lines of credit with various financial institutions totaling $64.5 million, of which there were none outstanding at December 31, 2022 and 2021. 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, 2022, the Company had borrowing capacity available under this arrangement, with $15.0 million outstanding. The Company could be required to pledge certain available-for-sale investment securities as collateral under this agreement. 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, expiring on May 1, 2024, and bears a fixed interest rate of 4.70%. The line of credit is also secured by the Bank's stock, expiring on July 30, 2022, 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, 2022, the term note and the line of credit were closed and had zero balances, as both were paid off with the proceeds from the Company's public offering of its common stock completed on February 10, 2022. As of December 31, 2021, the outstanding balance of the term note and the line of credit were $7.3 million and $5.3 million, respectively. On May 20, 2022, the Company completed a private placement of $40.0 million in fixed-to-floating rate subordinated notes due 2032 (the “Notes”). The Notes will bear a fixed rate of 5.25% for the first five years and will reset quarterly thereafter to then current three-month Secured Overnight Financing Rate, as published by the Federal Reserve Bank of New York, plus 265 basis points for the five year floating term. The Company is entitled to redeem the Notes, in whole or in part, on any interest payment date on or after May 20, 2027, or at any time, in whole but not in part, upon certain other specified events. At December 31, 2022, $39.1 million of the Notes, net of debt issuance costs were outstanding. The following table presents the information regarding the Company's subordinated debentures at December 31, 2022 and 2021. All subordinated debentures are at three month LIBOR rate plus added points noted below at December 31, 2022 and 2021.
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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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