6. Long-Term Debt and FHLB Stock

FHLB Borrowings and Stock

The Company is a member of the FHLB. At December 31, 2020 and 2019, the Company had access to a preapproved secured line of credit with the FHLB of $564,330 and $486,906, respectively. Borrowings under this line require collateralization through the pledge of specific loans and securities. At December 31, 2020 and 2019, the Company had pledged assets of $175,011 and $168,230, respectively. At December 31, 2020 and 2019, the Company had outstanding overnight line of credit balances with FHLB of $0 and $22,500, respectively. These borrowings mature the following business day. At December 31, 2020, the Company also had structured borrowings in the amount of $50,674. The outstanding principal amounts and the related terms and rates at December 31, 2020 were as follows:


Term	Principal		Maturity	Rate		Due in one year		Long term
1 year bullet		10,000	March 26, 2021	0.80	%		10,000		—
2 year amortizing		2,548	May 17, 2021	2.53	%		2,548		—
2 year bullet		10,000	May 17, 2021	2.46	%		10,000		—
3 year amortizing		1,728	May 17, 2021	2.92	%		1,728		—
3 year amortizing		5,093	May 16, 2022	2.49	%		3,374		1,719
3 year bullet		10,000	May 16, 2022	2.44	%		—		10,000
3 year amortizing		11,305	February 28, 2023	1.32	%		4,983		6,322
Total	$	50,674	Weighted Average Rate	1.90	%	$	32,633	$	18,041

The Company 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 Company evaluates for impairment based on the ultimate recovery ability of the cost. No impairment was recognized at either December 31, 2020 or 2019.

Federal Reserve Bank Borrowings

In April 2020, the Bank became a participant in the Federal Reserve’s Payroll Protection Program Lending Facility, which allowed us to present PPP loans as collateral for 100% principal credit at the Federal Reserve’s discount window. The term of these loans mirrored the actual maturity of the underlying collateral and had a fixed interest rate of 0.35%. In April 2020, we borrowed $70,100, which was repaid in full on July 2, 2020.

Subordinated Debt

During 2005, Rhinebeck Bancorp, MHC formed RSB Capital Trust I (“Trust”), which was transferred to the Company, which owns all of the Trust’s common securities. The Trust has no independent assets or operations and was created for the sole purpose of issuing trust securities and investing the proceeds thereof in an equivalent amount of junior subordinated debentures issued by the Company. 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, other than trust securities, 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% (2.21% at December 31, 2020 and 3.91% at December 31, 2019) mature on May 23, 2035.

Other Borrowings

The Company also has an unsecured, uncommitted $10,000 line of credit with Zions Bank. There were no advances outstanding under this line of credit at December 31, 2020 and 2019.