BLUE RIDGE BANKSHARES, INC.  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  December 31,2012  Note 6. Time Deposits (Continued)  Time deposits include brokered deposits purchased through the Certificate of Deposit Account Registry  Service (CDARS). The balance of these time deposits was approximately $26,580,000 and $9,591,000  at December 31, 2012 and 2011, respectively. As long as the Bank maintains its current rating through  CDARS rating service, it may purchase deposits up to 15% of its assets as ofthe most recent quarter  end. At December 31, 2012, the Bank could have purchased up to approximately $31,000,000 in  deposits through CDARS. The decision to utilize this funding depends on the Bank’s liquidity needs  and the pricmg of CDARS deposits compared to other potential fiinding sources.  At December 31, 2012, the scheduled maturities of time deposits are as follows:  Maturities  2013  2014  2015  2016  2017  2018 and beyond  Total  $  $  49,985,273  14,508,835  12,101,367  13,748,972  6,002,488  1,781,484  98,128,419  Note 7. Borrowings  The Bank has a line of credit from the Federal Home Loan Bank of Atlanta (FHLB) secured by the  Bank’s real estate loan portfolio and certain pledged securities. The FHLB will lend up to 25% ofthe  Bank’s total assets at the prior quarter end, subject to certain eligibility requirements, including  adequate collateral. At December 31, 2012, the Bank had borrowings from FHLB that totaled  $20,778,429. The interest rate on the borrowings range from .32% to 3.94% depending on stmcture  and maturity. The borrowings at year-end also required the Bank to own $1,233,500 of FHLB’s  stock. This amount is included with restricted investments on the consolidated balance sheets.  During 2012, the Bank refinanced $11,000,000 of its fixed rate debt to take advantage ofthe low rate  interest environment by extending maturities. The refmancing of this debt created fees of  approximately $457,000, which were capitalized according to accounting standards and are included  on the balance sheet as a reduction ofthe outstanding principal. This amount is being amortized over  the life of the new debt and serves to increase the effective rate of the borrowings in the current  portfolio.  24 (Continued)