Borrowings and Line of Credit

3 Months Ended

Mar. 31, 2021

Borrowings and Line of Credit [Abstract]

Borrowings and Line of Credit

Note 7. Borrowings and Line of Credit

Borrowings:

At March 31, 2021, total borrowings were $82.6 million compared to $81.2 million at December 31, 2020.  Borrowings consist of the following (dollars in thousands):

	March 31,		December 31,
	2021		2020
Securities sold under customer repurchase agreements	$	7,250	$	5,803
FHLB borrowings		75,000		75,000
Other borrowings		392		396
Total	$	82,642	$	81,199

Securities Sold Under Agreements to Repurchase:

At March 31, 2021 and December 31, 2020, the Company had securities sold under agreements to repurchase of $7.3 million and $5.8 million, respectively, with commercial checking customers which were secured by government agency securities.  The carrying value of investment securities pledged as collateral under repurchase agreements was $6.8 million and $7.6 million at March 31, 2021 and December 31, 2020, respectively.

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 March 31, 2021, there was no outstanding balance under the line of credit, and the entire amount of the line of credit remained available to the Company.