Note 8 — Borrowings

At March 31, 2020, the Bank had $150.0 million in overnight advances with a weighted average interest rate of 0.21 percent and $150.0 million in term advances outstanding with the FHLB with a weighted average interest rate of 1.63 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. Interest expense for the three months ended March 31, 2020 and 2019 was $496,000 and $71,000, 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 $2.4 billion and $1.4 billion of loans pledged as collateral with the FHLB as of March 31, 2020 and December 31, 2019, respectively. Remaining available borrowing capacity was $1.2 billion and $878.0 million at March 31, 2020 and December 31, 2019, respectively.

The Bank also has securities with market values of $52.7 million and $30.2 million pledged with the Federal Reserve Bank (“FRB”), which provides $50.6 million and $29.6 million in available borrowing capacity through the Fed Discount Window as of March 31, 2020 and December 31, 2019, respectively. There were no outstanding borrowings with the FRB as of March 31, 2020 and December 31, 2019.