BORROWINGS AND SUBORDINATED DEBT

The following table presents the components of our short-term borrowings and long-term debt.



	March 31, 2020				December 31, 2019
(Dollars in thousands)	Amount		Weighted Average Rate⁽¹⁾		Amount		Weighted Average Rate⁽¹⁾
Short-term borrowings:
FHLB Advances	$	25,000	0.29	%	$	60,000	1.61	%
Securities sold under agreements to repurchase	176		0.30		851		0.30
Federal funds purchased	—		—		5,000		1.90
Total short-term borrowings	25,176		0.29		65,851		1.62
Long-term debt:
Secured borrowing due in 2022	1,357		1.00		1,374		1.00
FHLB advances due in 2022 to 2029⁽²⁾	185,254		1.10		145,000		1.06
Subordinated notes due in 2025 and 2029⁽³⁾	44,447		5.29		44,440		5.29
Total long-term debt	231,058		1.91		190,814		2.04
Total short-term and long-term borrowings	$	256,234	1.75	%	$	256,665	1.93	%

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⁽¹⁾Weighted average rate presented is the contractual rate which excludes premiums and discounts related to purchase accounting.

⁽²⁾ At March 31, 2020, the long-term FHLB advances consisted of 0.42% - 2.93% fixed rate notes and can be called through 2024 without penalty by the issuer. The March 31, 2020 balance includes FHLB advances of $185.0 million and purchase accounting premiums of $254 thousand.

⁽³⁾ The March 31, 2020 balance includes subordinated notes of $45.0 million and debt issuance costs of $553 thousand. The December 31, 2019 balance includes subordinated notes of $45.0 million and debt issuance costs of $560 thousand.

The Bank is a member of the FHLB of Indianapolis, which provides short- and long-term funding collateralized by mortgage-related assets to its members. FHLB short-term borrowings bear interest at variable rates based on LIBOR. The $210.3 million of short-term and long-term FHLB advances as of March 31, 2020 were secured by a blanket lien on $514.1 million of real estate-related loans. Based on this collateral and the Company's holdings of FHLB stock, the Company was eligible to borrow up to an additional $52.4 million from the FHLB at March 31, 2020. In addition, the Bank can borrow up to $122.5 million through the unsecured lines of credit it has established with other correspondent banks, as well as $5.0 million through a secured line with the Federal Reserve Bank. The Bank had no outstanding federal funds purchased as of March 31, 2020 and $5.0 million outstanding federal funds purchased as of December 31, 2019.

At March 31, 2020, the Company had $176 thousand of securities sold under agreements to repurchase with customers, which mature overnight. These borrowings were secured by residential collateralized mortgage obligation securities with a fair value of $1.5 million at March 31, 2020.

The Company had a secured borrowing of $1.4 million as of March 31, 2020 relating to certain loan participations sold by the Company that did not qualify for sales treatment. The secured borrowing bears a fixed rate of 1.00% and matures on September 15, 2022.

As of March 31, 2020, the Company had $45.0 million outstanding subordinated notes and $553 thousand of debt issuance costs. The debt issuance costs are netted against the balance of the subordinated notes and recognized as expense over the expected term of the notes.

The $15.0 million of subordinated notes issued on December 21, 2015 bear a fixed interest rate of 6.375% per annum, payable semiannually through December 15, 2020. The notes will bear a floating interest rate of three-month LIBOR plus 477 basis points payable quarterly after December 15, 2020 through maturity. The notes mature no later than December 15, 2025, and the Company has the option to redeem or prepay any or all of the subordinated notes without premium or penalty any time after December 15, 2020 or upon an occurrence of a Tier 2 capital event or tax event.

The $30.0 million of subordinated notes issued on December 18, 2019 bear a fixed interest rate of 4.75% per annum, payable semiannually through December 18, 2024. The notes will bear a floating interest rate of three-month SOFR plus 311 basis points payable quarterly after December 18, 2024 through maturity. The notes mature no later than December 18, 2029, and the Company has the option to redeem any or all of the subordinated notes without premium or penalty any time after December 18, 2024 or upon the occurrence of a Tier 2 capital event or tax event.