8.BORROWINGS

Borrowings consist of the following at September 30, 2019 and December 31, 2018 (dollars in thousands):


	September 30,		December 31,
	2019		2018
Federal Home Loan Bank fixed rate advances	$	69,676	$	57,056
USDA Rural Development note		403		480
	$	70,079	$	57,536

The Federal Home Loan Bank borrowings bear a weighted average rate of 1.65% and mature at various dates through 2026. They are collateralized at September 30, 2019 by the following: a collateral agreement on the Corporation’s one to four family residential real estate loans with a book value of approximately $62.581 million; mortgage related and municipal securities with an amortized cost and estimated fair value of $25.835 million and $26.179 million, respectively; and Federal Home Loan Bank stock owned by the Bank totaling $4.924 million. Prepayment of the advances is subject to the provisions and conditions of the credit policy of the Federal Home Loan Bank of Indianapolis in effect as of September 30, 2019.

The Corporation currently has one correspondent banking borrowing relationship. The relationship currently consists of a $15.0 million revolving line of credit, which had a zero balance at September 30, 2019. The line of credit bears an interest rate of LIBOR plus 2.00%, with a floor rate of 3.00% and a ceiling of 22%. The line of credit expires on April 30, 2020. LIBOR at September 30, 2019 was 2.09%. The Corporation previously had a term note as part of this relationship that was paid in full during the second quarter of 2018. This relationship is secured by all of the outstanding mBank stock.

The USDA Rural Development borrowing bears an interest rate of 1.00% and matures in August, 2024. It is collateralized by an assignment of a demand deposit account held by the Corporation’s wholly owned subsidiary, First Rural Relending, in the amount of $.456 million, and guaranteed by the Corporation.