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Borrowings
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Borrowings

(5) Borrowings

The following FHLB advances, which required monthly or quarterly interest payments, were outstanding at March 31, 2022:

 

Advance Date

 

Advance

 

 

Fair Value Adjustment

 

 

Interest Rate

 

 

Maturity

 

Rate

 

Call Feature

3/4/2022

 

$

10,000,000

 

 

$

—

 

 

 

0.27

%

 

4/4/2022

 

Fixed

 

N/A

 

 

$

10,000,000

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

There were FHLB advances totaling $49.0 million consisting of advances with a book value of $48.0 million and a fair value adjustment of $1.0 million as of December 31, 2021. At March 31, 2022 and December 31, 2021, the FHLB advances were collateralized by certain loans which totaled approximately $361.0 million and $343.6 million, and by the Company’s investment in FHLB stock which totaled approximately $772,000 and $2.2 million at March 31, 2021 and December 31, 2021. Acquired FHLB advances totaling $49.0 million were paid off during the three months ended March 31, 2022. We were able to accrete to income the remaining $1.0 million fair value adjustment associated with these acquired advances. This decreased our interest expense for the three months ended March 31, 2022 to a negative $472,000.

The Company had one FHLB letter of credit of $2.5 million and $8.0 million, used to collateralize public deposits, outstanding at March 31, 2022 and December 31, 2021, respectively.

The Company borrowed $5.0 million from First National Bankers Bank during the year ended December 31, 2020. The loan had a ten-year term with a floating interest rate equal to the Wall Street Journal Prime Rate. Interest payment were due quarterly and the initial principal payment was due June 29, 2021. There was no prepayment penalty. The loan was secured by Bank stock. In January 2021, the loan was repaid.

The Company borrowed $100.8 million under the Federal Reserve Bank of Atlanta to fund PPP loans under the U.S. CARES Act (the Paycheck Protection Program Liquidity Facility). This was secured by PPP loans totaling $101.7 million made during the year ended December 31, 2020. These borrowings had a fixed interest rate of 0.35% and 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. In January 2021, the borrowing was repaid.