BORROWINGS

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

BORROWINGS

Note 11 – Borrowings

Information relating to retail repurchase agreements and other short-term borrowings is presented in the following table at and for the years ending December 31:

		2019				2018				2017
(Dollars in thousands)		Amount		Rate		Amount		Rate		Amount		Rate
	Retail repurchase agreements	$	138,605	0.58	%	$	137,429	0.51	%	$	119,359	0.24	%
	Federal funds purchased		75,000	1.62			-	-			-	-
Average for the Year:
	Retail repurchase agreements	$	134,070	0.54	%	$	142,938	0.34	%	$	133,356	0.25	%
	Federal funds purchased		17,373	2.43			-	-			-	-
Maximum Month-end Balance:
	Retail repurchase agreements	$	152,685			$	154,435			$	147,459
	Federal funds purchased		75,000				-				-

The Company pledges U.S. Agencies and Corporate securities, based upon their market values, as collateral for 102.5% of the principal and accrued interest of its retail repurchase agreements.

At December 31, 2018, the Company had additional short term daily rate credit borrowing with FHLB with the total outstanding amount of $190.0 million and a yield of 2.65%. The Company fully paid off this short-term borrowing on January 2, 2019.

At December 31, 2019, the Company had an available line of credit with the Federal Home Loan Bank of Atlanta (the "FHLB") under which its borrowings are limited to $2.4 billion based on pledged collateral at prevailing market interest rates with $513.8 million borrowed against it at December 31, 2019. At December 31, 2018, lines of credit totaled $2.2 billion based on pledged collateral with $1.0 billion borrowed against the line. Under a blanket lien, the Company has pledged qualifying residential mortgage loans amounting to $1.0 billion, commercial real estate loans amounting to $1.9 billion, home equity lines of credit (“HELOC”) amounting to $266.8 million and multifamily loans amounting to $109.7 million at December 31, 2019 as collateral under the borrowing agreement with the FHLB. At December 31, 2018 the Company had pledged collateral of qualifying mortgage loans of $1.1 billion, commercial real estate loans of $1.8 billion, HELOC loans of $312.7 million and multifamily loans of $127.6 million under the FHLB borrowing agreement. The Company also had lines of credit available from the Federal Reserve and correspondent banks of $463.3 million and $274.9 million at December 31, 2019 and 2018, respectively, collateralized by loans. In addition, the Company had unsecured lines of credit with correspondent banks of $730.0 million and $590.0 million at December 31, 2019 and 2018. At December 31, 2019 the total outstanding borrowings against these unsecured lines of credit was $75.0 million.

Advances from FHLB and the respective maturity schedule at December 31 for the years indicated consisted of the following:

		2019				2018
				Weighted				Weighted
				Average				Average
(Dollars in thousands)		Amounts		Rate		Amounts		Rate
Maturity:
	One year	$	134,167	2.13	%	$	625,969	2.46	%
	Two years		230,445	2.39			42,500	2.12
	Three years		76,665	2.37			80,816	3.08
	Four years		72,500	3.12			26,826	2.90
	Five years		-	-			72,500	3.12
	After five years		-	-			-	-
Total advances from FHLB		$	513,777	2.42		$	848,611	2.57