The following is a summary of the Company’s short-term borrowings as of March 31, 2020 and December 31, 2019:

	March 31,		December 31,
	2020		2019
Federal Reserve Bank discount window borrowing	$	250,000	$	—
Federal Home Loan Bank advances		335,000		490,000
Securities sold under agreements to repurchase		55,647		49,638
Line of credit		—		—
Total	$	640,647	$	539,638

Byline Bank has the capacity to borrow funds from the discount window of the Federal Reserve System. As of March 31, 2020, the Federal Reserve Bank discount window borrowing was $250.0 million with an interest rate of 0.25% and matured on April 21, 2020. There were no borrowings outstanding under the Federal Reserve Bank discount window line as of December 31, 2019. The Company pledges loans as collateral for the Federal Reserve Bank discount window borrowing. Refer to Note 5—Loan and Lease Receivables for additional discussion.

At March 31, 2020, fixed-rate Federal Home Loan Bank (“FHLB”) advances totaled $335.0 million with interest rates ranging from 0.30% to 1.74% and maturities ranging from April 2020 to May 2020. The Company’s advances from the FHLB are collateralized by residential real estate loans, commercial real estate loans, and securities. The Bank’s maximum borrowing capacity is limited to 35% of total assets. The Company’s required investment in FHLB stock is $4.50 for every $100 in advances.

Securities sold under agreements to repurchase represent a demand deposit product offered to customers that sweep balances in excess of the FDIC insurance limit into overnight repurchase agreements. The Company pledges securities as collateral for the repurchase agreements. Refer to Note 4—Securities for additional discussion.

On October 13, 2016, the Company entered into a $30.0 million credit agreement with a correspondent bank. In April 2017, the revolving line of credit was amended to a non-revolving line of credit as long as the outstanding balance exceeds $5.0 million. When the outstanding balance is reduced to $5.0 million, the line of credit will be converted to a revolving line of credit with credit availability up to $5.0 million until maturity. In July 2017, the Company repaid the outstanding balance, in full, under this line of credit of $16.2 million with proceeds from its initial public offering (“IPO”). On October 10, 2019, the Company entered into a fourth amendment to the revolving credit agreement, which increased the revolving loan commitment to $15.0 million and extended the maturity of the credit facility to October 9, 2020. The amended revolving line of credit bears interest at either the London Interbank Offered Rate (“LIBOR”) plus 195 basis points or the Prime Rate minus 75 basis points, based on the Company’s election, which is required to be communicated at least three business days prior to the commencement of an interest period. If the Company fails to provide timely notification, the interest rate will be Prime Rate minus 75 basis points. As part of liquidity planning, on March 19, 2020, the Company drew $15.0 million on the line of credit and elected the Prime Rate minus 75 basis point rate option at the time of draw. The amount was repaid on March 20, 2020. At March 31, 2020 and December 31, 2019, the line of credit had no outstanding balance.

The Company hedges interest rates on borrowed funds using interest rate swaps through which the Company receives variable amounts and pays fixed amounts. Refer to Note 17—Derivative Instruments and Hedging Activities for additional discussion.

The following table presents short-term credit lines available for use as of March 31, 2020 and December 31, 2019:

	March 31,		December 31,
	2020		2019
Available federal funds lines ⁽¹⁾	$	115,000	$	115,000
Federal Reserve Bank discount window line		346,688		547,798
Federal Home Loan Bank line		1,574,929		1,390,698

(1)

The Company did not have an outstanding balance on its federal funds lines as of March 31, 2020 and December 31, 2019.

On April 21, 2020, Byline Bank entered into a Letter Agreement with the Federal Reserve Bank of Chicago that allows the Bank to access the Paycheck Protection Program Liquidity Facility (the “PPPLF”). Under the terms of the PPPLF, the Bank will pledge loans originated under the U.S. Small Business Administration 7(a) Paycheck Protection Program (“PPP”), to the Federal Reserve Bank of Chicago as collateral for available advances under the PPPLF. PPP loans pledged as collateral will be valued at an amount equal to the principal amount of the PPP loan outstanding at the time the PPP loan is pledged. Advances under the PPPLF will be an amount equal to the aggregate principal amount of PPP loans pledged by Byline Bank and shall carry an interest rate of thirty-five basis points and mature on the maturity date of the PPP loans pledged as collateral for the advance. The Bank has not advanced funds under the PPPLF.