Long-Term Debt and Other Borrowed Funds

12 Months Ended

Dec. 31, 2019

LONG-TERM DEBT AND OTHER BORROWED FUNDS

A summary of long-term debt follows:



December 31,	2019		2018
Subsidiaries:
8.00% capital lease obligation with term ending October 25, 2029	$	1.2	$	1.3
6.24% note payable maturing September 6, 2032, principal due at maturity, interest payable monthly	—		1.8
2.28% note payable maturing July 29, 2022, principal due at maturity, interest payable monthly	5.0		5.0
1.00% note payable maturing December 31, 2041, interest only payable quarterly until December 31, 2025 and then principal and interest until maturity	5.1		5.1
Note payable maturing March 31, 2038, interest only payable at 1.30% monthly until March 31, 2025 and then principal and interest at 3.25% until maturity	2.0		2.0
1.30% note payable maturing June 1, 2034, interest only payable monthly until March 31, 2025 and then principal and interest until maturity	0.6		0.6
Total long-term debt	$	13.9	$	15.8



Maturities of long-term debt at December 31, 2019 are as follows:
2020	$	0.1
2021	0.1
2022	5.1
2023	0.1
2024	0.1
Thereafter	8.4
Total	$	13.9

The Company has available lines of credit with the FHLB of approximately $1,616.0 million, subject to collateral availability. As of December 31, 2019 and 2018, there were no long or short-term advances outstanding with the FHLB.

The Company has a financing lease obligation on a banking office. Assets acquired under the financing lease, consist solely of a building and leasehold improvements, and are included in premises and equipment subject to depreciation.

The Company borrowed or assumed through acquisitions $12.6 million and $14.4 million as of December 31, 2019 and 2018, respectively, related to New Market Tax Credits. During the third quarter of 2019, the Company redeemed the note payable maturing September 2032. The long-term debt obligations consists of fixed rate note payables with various interest rates from 1.00% to 6.24% and maturities from July 29, 2022 through December 31, 2041, collateralized by the Company’s equity interest in various CDEs, which are 99.9% owned by the Company.

As of December 31, 2019 and 2018, the Company had no material other borrowed funds.

The Company has federal funds lines of credit with third parties amounting to $205.0 million, subject to funds availability. These lines are subject to cancellation without notice. The Company also has a line of credit with the Federal Reserve Bank for borrowings up to $455.6 million secured by a blanket pledge of indirect consumer loans, and has an unused $50.0 million revolving line of credit with U.S. Bank National Association.