Note 22 - Commitments -

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Commitments Disclosure [Text Block]

Note 22 – Commitments –

SBIC Capital Commitment

The SBIC is a program initiated by the SBA in 1958 to assist in the funding of small business loans. The program is a joint venture between investors with venture capital, the SBA, and small business borrowers. Investors are responsible for funding the first portion of the capital requirements, with the remaining requirement being funded by the SBA. The funds are then lent to small business borrowers.

The Bank has agreed to participate as an investor with McLarty Capital Partners SBIC, L.P. (McLarty), McLarty Capital Partners SBIC II, L.P. (McLarty II), Bluehenge Capital Secured Debt SBIC, L.P. (Bluehenge), New Louisiana Angel Fund 2, LLC (New Louisiana) and Firmament Capital Partners SBIC III, L.P. (Firmament); details of these commitments at December 31, 2020 are below.

	McLarty		McLarty II		Bluehenge		New Louisiana		Firmament
	(Dollars in thousands)
Total Capital Commitment	$	2,000	$	2,500	$	1,500	$	50	$	2,500
Capital Called	$	1,802	$	2,098	$	1,387	$	25	$	242
Remaining Unfunded Capital Commitment	$	198	$	402	$	113	$	25	$	2,258

Federal Home Loan Bank Letters of Credit

The Bank had outstanding letters of credit on behalf of others from the FHLB of $170.2 million and $203.1 million at December 31, 2020 and 2019, respectively. The outstanding letters of credit as of December 31, 2020 are as follows:

Ten letters of credit totaling $93.7 million expires in January 2021.

Seven letters of credit totaling $15.8 million expires in February 2021.

One letter of credit of $3.6 million expires in March 2021.

Three letters of credit totaling $5.7 million expires in April 2021.

One letter of credit of $194,000 expires in July 2021.

One letter of credit of $157,000 expires in August 2021.

One letter of credit of $197,000 expires in November 2021.

Three letters of credit totaling $39.3 million expires in December 2021.

One letter of credit of $11.5 million expires in January 2022.