Note 8 — Borrowings

At September 30, 2020, the Bank had no overnight advances and $150.0 million in term advances outstanding with the FHLB with a weighted average interest rate of 1.40 percent. At December 31, 2019, the Bank had $15.0 million in overnight advances with a weighted average interest rate of 1.66 percent and $75.0 million of term advances with the FHLB with a weighted average rate of 1.71 percent. The Bank had no outstanding borrowings with the Federal Reserve Bank (“FRB”) under the Paycheck Protection Program Lending Facility (“PPPLF”) as of September 30, 2020 or December 31, 2019. Interest expense on borrowings for the three months ended September 30, 2020, and 2019 was $582,000 and $367,000, respectively. Interest expense on borrowings for the nine months ended September 30, 2020 and 2019 was $1.8 million and $439,000, respectively.

The following is financial data pertaining to FHLB advances:

The Bank maintains a secured credit facility with the FHLB, allowing the Bank to borrow on an overnight and term basis. The Bank had $2.27 billion and $1.35 billion of loans pledged as collateral with the FHLB as of September 30, 2020 and December 31, 2019, respectively. Remaining available borrowing capacity was $1.43 billion, subject to the FHLB statutory lending limit of $1.57 billion, and $878.4 million at September 30, 2020 and December 31, 2019, respectively.

The Bank also had securities with market values of $35.0 million and $30.2 million at September 30, 2020 and December 31, 2019, respectively, pledged with the FRB, which provided $33.6 million and $29.6 million in available borrowing capacity through the Fed Discount Window as of September 30, 2020 and December 31, 2019, respectively.