Borrowings outstanding at and consist of the following:

At the Company had an additional million of credit available from the FHLB, million of credit available from the Federal Reserve Discount Window, and million of credit available from correspondent banks.

FHLB borrowing agreements provide for lines of credit up to of the Bank’s assets. The FHLB borrowings are collateralized by a blanket pledge arrangement on all residential mortgage loans, HELOCs and loans secured by multi-family real estate that the Bank owns. At the carrying value of loans pledged as collateral to the FHLB and the Federal Reserve totaled billion.

As a result of its mergers, the Company’s capital structure includes trust preferred securities, reflected as junior subordinated debt above, previously issued by the predecessor companies through specially formed trusts. The combined total amount outstanding of the acquired trusts as of and was million million, net of mark to market) and million million, net of mark to market), respectively. The proceeds of the sales of the trust preferred securities were used to purchase junior subordinated debt from the predecessor companies, which are presented as junior subordinated debt in the consolidated balance sheets and qualify for inclusion in Tier Capital for regulatory purposes, subject to certain limitations.

 

Community Capital previously had formed Community Capital Corporation Statutory Trust I, an unconsolidated statutory business trust, which issued million million, net of mark to market) of trust preferred securities that were sold to parties. The rate on the trust preferred securities acquired through the Community Capital merger adjusts quarterly to -month LIBOR plus

 

Citizens South previously had formed CSBC Statutory Trust I, an unconsolidated statutory business trust, which issued million million, net of mark to market) of trust preferred securities that were sold to parties. The rate on the trust preferred securities acquired through the Citizens South merger adjusts quarterly to -month LIBOR plus

 

Provident Community previously had formed Provident Community Bancshares Capital Trust I and Provident Community Bancshares Capital Trust II. Each trust is an unconsolidated statutory business trust, which issued million million, net of mark to market) and million million, net of mark to market), respectively, of trust preferred securities that were sold to parties. The rate on each of the trust preferred securities acquired through the Provident Community merger adjusts quarterly to -month LIBOR plus

 

First Capital previously had formed FCRV Statutory Trust I, an unconsolidated statutory business trust which issued million million net of mark to market) of trust preferred securities that were sold to parties. The trust preferred securities have a LIBOR-indexed floating rate of interest equal to -month LIBOR plus which adjusts, and is payable quarterly. The trust preferred securities be redeemed at par beginning on and each quarter after such date until the notes mature on

 

The Company has fully and unconditionally guaranteed each trust’s obligations under the preferred securities. The amounts presented are after related acquisition accounting fair market value adjustments. The proceeds of the sales of the trust preferred securities were used to purchase junior subordinated debt from the predecessor companies, which are presented as junior subordinated debt in the condensed consolidated balance sheets of the Company and qualify for inclusion in Tier Capital for regulatory capital purposes, subject to certain limitations.

In connection with the acquisition of First Capital, the Company assumed a variable rate million subordinated loan with a financial institution. The outstanding balance at acquisition date was million, while the balance outstanding as of was million. This subordinated loan has a LIBOR-indexed floating rate of interest equal to -month LIBOR plus and is payable monthly. The interest rate is subject to a ceiling of Principal payments on the loan total per month until after which principal payments total per month until the loan is repaid on The loan be redeemed at par at any time.

In the parent company entered into a million senior unsecured term loan that matures on and has a fixed coupon rate of per annum. The loan be prepaid by the parent company at any time, subject to payment of a “yield maintenance amount” as described in the loan agreement. The loan agreement contains customary representations, warranties, covenants and events of default. At the outstanding loan balance was million.