8. Long-Term Debt and FHLB Stock

FHLB Borrowings and Stock

The Bank is a member of the FHLB. At September 30, 2019 and December 31, 2018, the Bank had access to a preapproved secured line of credit with the FHLB of $472,936 and $441,134, respectively. Borrowings under this line require collateralization through the pledge of specific loans and securities. At September 30, 2019 and December 31, 2018, the Bank had pledged assets of $157,255 and $145,805, respectively. At September 30, 2019, the Bank also had structured borrowings in the amount of $47,936. The outstanding principal amounts and the related terms and rates at September 30, 2019 were as follows:


Term	Principal		Maturity	Rate		Due in one year		Long term
2 year amortizing	$	1,908	May 15, 2020	2.78	%	$	1,908	$	—
2 year amortizing		2,117	June 8, 2020	2.76	%		2,117		—
2 year amortizing		8,777	May 17, 2021	2.53	%		4,968		3,809
2 year bullet		10,000	May 17, 2021	2.46	%		—		10,000
3 year amortizing		5,939	May 17, 2021	2.92	%		3,357		2,582
3 year amortizing		9,195	May 16, 2022	2.49	%		3,271		5,924
3 year bullet		10,000	May 16, 2022	2.44	%		—		10,000
Total	$	47,936	Weighted Average Rate	2.56	%	$	15,621	$	32,315

The Bank is required to maintain an investment in capital stock of the FHLB, as collateral, in an amount equal to a certain percentage of its outstanding debt. FHLB stock is considered restricted stock and is carried at cost. The Bank evaluates for impairment based on the ultimate recovery ability of the cost. No impairment was recognized at either September 30, 2019 or December 31, 2018.

Subordinated Debt

As part of the reorganization completed on January 16, 2019, the Company acquired both the common securities and related obligations of RSB Capital Trust I (“Trust”). The Trust, which has no independent assets or operations, was formed in 2005 for the sole purpose of issuing trust preferred securities and investing the proceeds thereof in an equivalent amount of junior subordinated debentures. The proceeds from the issuance of the trust preferred securities are currently considered Tier 1 capital for purposes of determining the Bank’s capital ratios. The trust securities also bear interest at 3-month LIBOR plus 2.00%. The duration of the Trust is 30 years.

The subordinated debt securities of $5,155 are unsecured obligations of the Company and are subordinate and junior in right of payment to all present and future senior indebtedness of the Company. The Company has entered into a guarantee, which together with its obligations under the subordinated debt securities and the declaration of trust governing the Trust, including its obligations to pay costs, expenses, debts and liabilities, provides a full and unconditional guarantee of amounts on the capital securities. The subordinated debentures, which bear interest at 3-month LIBOR plus 2.00% (4.15% at September 30, 2019 and 4.65% at December 31, 2018) mature on May 23, 2035.

Other Borrowings

The Company maintains an unsecured line of credit in the amount of $5,000 with Atlantic Community Bankers Bank. At September 30, 2019, there were no advances under this line. On December 31, 2018, there was an outstanding advance of $5,000 to Rhinebeck Bancorp, MHC which was paid in full on January 16, 2019 at the close of the Company’s offering.

The Bank also has an unsecured, uncommitted $10,000 line of credit with Zions Bank. There were no advances outstanding under this line of credit at either September 30, 2019 or December 31, 2018.