Other Borrowings

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Other Borrowings

(13) Other Borrowings

The Company has a $7.5 million line of credit from an unrelated financial institution maturing on November 1, 2022, with an interest rate that adjusts daily based on the prime rate less 0.25%. This line of credit has covenants specific to capital and other financial ratios, which the Company was in compliance with at December 31, 2021. As of December 31, 2021 and 2020, the Company did not have an outstanding balance on the line of credit.

At December 31, 2021 and 2020, the Bank had no borrowings through the Federal Reserve discount window, while the borrowing capacity was $79.3 million and $103.8 million, respectively. The Bank also has various other federal funds agreements, both secured and unsecured, with correspondent banks totaling approximately $30.0 million at December 31, 2021 and 2020. As of December 31, 2021 and 2020, there were no borrowings through these correspondent bank federal funds agreements.