Note 8.

Other Borrowings

The Bank had unused lines of credit totaling $121.1 million and $108.4 million available with non-affiliated banks at December 31, 2014 and 2013, respectively. These amounts primarily consist of a blanket floating lien agreement with the Federal Home Loan Bank of Atlanta in which the Bank can borrow up to 19% of its assets. The unused line of credit with FHLB totaled $75.3 million at December 31, 2014.

At December 31, 2014, the Bank did not have borrowings from the Federal Home Loan Bank (FHLB) system. At December 31, 2013, the Bank had borrowings from FHLB totaling $6.0 million. The Bank had a letter of credit from the FHLB totaling $23.0 million and $25.0 million at December 31, 2014 and 2013, respectively. The Bank had collateral pledged on the borrowing line and letter of credit at December 31, 2014 and 2013 including real estate loans totaling $101.9 million and $78.6 million, respectively, and Federal Home Loan Bank stock with a book value of $470 thousand and $1.0 million, respectively.

At December 31, 2014 and 2013, the Bank had a note payable totaling $26 thousand and $52 thousand, respectively, secured by a deed of trust, for land purchased to construct a banking office, which requires monthly payments of $2 thousand, and matures January 3, 2016. The fixed interest rate on this loan was 4.00%.