Note 7 - Borrowings

Our borrowings consist of advances from the FHLB and a term loan from a commercial bank. The FHLB advances are available under a specific collateral pledge and security agreement, which requires that we maintain collateral for all of our borrowings equal to 30% of total assets. Our advances from the FHLB may be in the form of short-term or long-term obligations. Short-term advances have maturities of one year or less and may contain prepayment penalties. Long-term borrowings through the FHLB have original maturities up to 20 years and generally contain prepayment penalties. As of December 31, 2019, our total credit line with the FHLB was $246.7 million, with outstanding balances of $35.0 million and $70.0 million at December 31, 2019 and 2018, respectively.

On September 30, 2016, we entered into a loan agreement with a commercial bank whereby we borrowed $3.5 million for a term of eight years. The unsecured note bore interest at a fixed rate of 4.25% for the first 36 months then converted to a floating rate of the Wall Street Journal Prime plus 50 basis points for the remaining five years. Repayment terms were monthly interest only payments for the first 36 months, then quarterly principal payments of $175,000 plus interest. During the fourth quarter of 2019, we repaid the loan without penalty.

Certain information regarding our borrowings is as follows as of December 31:


	2019			2018
Amount outstanding at year-end:		(dollars in thousands)
FHLB advances	$	35,000		$	70,000
Commercial note payable		—			3,500
Weighted-average interest rate at year-end:
FHLB advances		1.92	%		2.27	%
Commercial note payable		—	%		4.25	%
Maximum outstanding at any month-end:
FHLB advances	$	70,000		$	96,000
Commercial note payable		3,500			3,500
Average outstanding:
FHLB advances	$	50,897		$	87,669
Commercial note payable		3,433			3,500
Weighted-average interest rate during the year:
FHLB advances		1.74	%		2.17	%
Commercial note payable		4.20	%		5.04	%

The following table sets forth information concerning the interest rates and maturity dates of the advances from the FHLB as of December 31, 2019:


Principal
Amount (in thousands)	Rate	Maturity
$ 25,000	1.75% to 1.92%	2020
10,000	2.19%	2022
$ 35,000

Certain loans in the amount of $158.9 million have been pledged under a blanket floating lien to the FHLB as collateral against advances.