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ADVANCES FROM FEDERAL HOME LOAN BANK, GUARANTEED JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES AND SUBORDINATED DEBT | 12 Months Ended
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Dec. 31, 2019
ADVANCES FROM FEDERAL HOME LOAN BANK, GUARANTEED JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES AND SUBORDINATED DEBT |
ADVANCES FROM FEDERAL HOME LOAN BANK, GUARANTEED JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES AND SUBORDINATED DEBT | 14. ADVANCES FROM FEDERAL HOME LOAN BANK, GUARANTEED JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES AND SUBORDINATED DEBT Advances from the FHLB consist of the following:
|  | AT DECEMBER 31, 2019
|  | WEIGHTED |  |  |
|  | AVERAGE YIELD |  | BALANCE
MATURING |  | (IN THOUSANDS, EXCEPT RATES)
2020 |  | 1.75 | % | $ | 18,729
2021 |  | 2.28 |  |  | 9,496
2022 |  | 2.21 |  |  | 17,838
2023 |  | 2.48 |  |  | 5,568
2024 |  | 1.86 |  |  | 2,037
Total advances from FHLB |  | 2.08 |  | $ | 53,668
|  | AT DECEMBER 31, 2018
|  | WEIGHTED |  |  |
|  | AVERAGE YIELD |  | BALANCE
MATURING |  | (IN THOUSANDS, EXCEPT RATES)
2019 |  | 1.51 | % | $ | 12,500
2020 |  | 1.74 |  |  | 16,729
2021 |  | 2.28 |  |  | 9,496
2022 |  | 2.86 |  |  | 6,996
2023 |  | 2.86 |  |  | 1,000
Total advances from FHLB |  | 1.98 |  | $ | 46,721
The Company’s subsidiary Bank is a member of the FHLB which provides this subsidiary with the opportunity to obtain short to longer-term advances based upon the Company’s investment in assets secured by one- to four-family residential real estate and certain types of commercial and commercial real estate loans. The rate on open repo plus advances, which are typically overnight borrowings, can change daily, while the rates on the advances are fixed until the maturity of the advance. All FHLB stock along with an interest in certain residential mortgage, commercial real estate, and commercial and industrial loans with an aggregate statutory value equal to the amount of the advances, are pledged as collateral to the FHLB of Pittsburgh to support these borrowings. At December 31, 2019, the Company had immediately available $358 million of overnight borrowing capability at the FHLB, $30 million of short-term borrowing availability at the Federal Reserve Bank and $35 million of unsecured federal funds lines with correspondent banks. Guaranteed Junior Subordinated Deferrable Interest Debentures: On April 28, 1998, the Company completed a $34.5 million public offering of 8.45% Trust Preferred Securities, which represent undivided beneficial interests in the assets of a Delaware business trust, AmeriServ Financial Capital Trust I. The Trust Preferred Securities will mature on June 30, 2028, and are callable at par at the option of the Company after June 30, 2003. Proceeds of the issue were invested by AmeriServ Financial Capital Trust I in Junior Subordinated Debentures issued by the Company. The Trust Preferred Securities are listed on NASDAQ under the symbol ASRVP. The Company used $22.5 million of proceeds from a private placement of common stock to redeem Trust Preferred Securities in 2005 and 2004. The net balance as of December 31, 2019 and 2018 was $13.0 million and $12.9 million, respectively. Subordinated Debt: On December 29, 2015, the Company completed a private placement of $7.65 million in aggregate principal amount of fixed rate subordinated notes to certain accredited investors. The subordinated notes mature December 31, 2025 and have a 6.50% fixed interest rate for the entire term. This subordinated debt has been structured to qualify as Tier 2 capital under the Federal Reserve’s capital guidelines and will be non-callable for five years. The Company used the proceeds from this private placement and other cash on hand to redeem all $21 million of its issued and outstanding SBLF preferred stock on January 27, 2016. The net balance as of December 31, 2019 and 2018 was $7.5 million.

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