8. Long-Term Debt and FHLB Stock

FHLB Borrowings and Stock

The Bank is a member of the FHLB. At March 31, 2020 and December 31, 2019, the Bank had access to a preapproved secured line of credit with the FHLB of $503,527 and $486,906, respectively. Borrowings under this line require collateralization through the pledge of specific loans and securities. At March 31, 2020 and December 31, 2019, the Bank had pledged assets of $186,202 and $168,230, respectively. At March 31, 2020, the Bank also had structured borrowings in the amount of $79,645. The outstanding principal amounts and the related terms and rates at March 31, 2020 were as follows:


Term	Principal		Maturity	Rate		Due in one year		Long term
1 month bullet	$	15,000	April 13, 2020	0.91	%	$	15,000	$	—
1 year bullet		10,000	February 1, 2021	0.80	%		10,000		—
2 year amortizing		640	May 15, 2020	2.78	%		640		—
2 year amortizing		853	June 8, 2020	2.76	%		853		—
2 year amortizing		6,309	May 17, 2021	2.53	%		5,031		1,277
2 year bullet		10,000	May 17, 2021	2.46	%		—		10,000
3 year amortizing		4,273	May 17, 2021	2.92	%		3,406		867
3 year amortizing		7,570	May 16, 2022	2.49	%		3,312		4,259
3 year bullet		10,000	May 16, 2022	2.44	%		—		10,000
3 year amortizing		15,000	February 28, 2023	1.32	%		4,934		10,066
Total	$	79,645	Weighted Average Rate	2.55	%	$	43,176	$	36,469

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 March 31, 2020 or December 31, 2019.

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% (3.45% at March 31, 2020 and 3.91% at December 31, 2019) mature on May 23, 2035.

Other Borrowings

On December 31, 2018, there was an outstanding advance on an unsecured credit line with Atlantic Community Bankers Bank 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 March 31, 2020 or December 31, 2019.