FHLB ADVANCES AND OTHER BORROWINGS

3 Months Ended

Mar. 31, 2020

FHLB ADVANCES AND OTHER BORROWINGS

FHLB ADVANCES AND OTHER BORROWINGS

Note 13 – FHLB Advances and Other Borrowings

The following table summarizes our Federal Home Loan Bank (“FHLB”) advances and other borrowings as of March 31, 2020 and December 31, 2019:

	March 31,		December 31,
(dollars in thousands)	2020		2019
Midland States Bancorp, Inc.
Series G redeemable preferred stock - 181 shares at $1,000 per share	$	181	$	181
Midland States Bank
FHLB advances – fixed rate, fixed term of $27.8 million and $28.0 million, at rates averaging 2.56% at March 31, 2020 and December 31, 2019 – maturing through June 2023, and putable fixed rate of $565.0 million and $465.0 million, at rates averaging 2.02% and 2.34% at March 31, 2020 and December 31, 2019, respectively – maturing through February 2030 with call provisions through August 2021		592,908		493,130
Total FHLB advances and other borrowings	$	593,089	$	493,311

The Company’s advances from the FHLB are collateralized by a blanket collateral agreement of qualifying mortgage and home equity line of credit loans and certain commercial real estate loans totaling approximately $1.95 billion and $1.94 billion at March 31, 2020 and December 31, 2019, respectively.