Borrowings and Line of Credit

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Borrowings and Line of Credit

Note 7. Borrowings and Line of Credit

Borrowings:

At September 30, 2020, total borrowings were $319.4 million compared to $31.6 million at December 31, 2019.  The $287.8 million increase was primarily due to borrowings from the Federal Reserve Bank Payroll Protection Program Liquidity Facility (“PPPLF”) of $237.8 million in the second quarter of 2020 and an increase in Federal Home Loan Bank (“FHLB”) borrowings of $50.0 million. Borrowings consist of the following (dollars in thousands):

	September 30,		December 31,
	2020		2019
Securities sold under customer repurchase agreements	$	6,193	$	6,184
FHLB borrowings		75,000		25,000
PPPLF borrowings		237,780		—
Other borrowings		418		439
Total	$	319,391	$	31,623

Line of Credit:

The Company has a Loan and Security Agreement and revolving note with ServisFirst Bank, pursuant to which ServisFirst Bank has made a $25.0 million revolving line of credit available to the Company. The maturity of the line of credit is September 24, 2021. At September 30, 2020, there was no outstanding balance under the line of credit, and the entire amount of the line of credit remained available to the Company.