8.BORROWINGS

Borrowings consist of the following at March 31, 2020 and December 31, 2019 (dollars in thousands):


	March 31,		December 31,
	2020		2019
Federal Home Loan Bank fixed rate advances	$	63,717	$	64,148
Correspondent bank line of credit		3,000		—
USDA Rural Development note		403		403
	$	67,120	$	64,551

The Federal Home Loan Bank borrowings bear a weighted average rate of 1.67% and mature at various dates through 2026. They are collateralized at March 31, 2020 by the following: a collateral agreement on the Corporation’s one to four family residential real estate loans with a book value of approximately $50.310 million; mortgage related and municipal securities with an amortized cost and estimated fair value of $20.051 million and $20.655 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 March 31, 2020.

The Corporation currently has one correspondent banking borrowing relationship. As of March 31, 2020 the relationship consisted of a $15.0 million revolving line of credit, which had a balance of $3.0 million. 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 expired on April 30, 2020, and has since been renewed with a new expiration date of April 30, 2022. LIBOR at March 31, 2020 was 1.45%. 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.