Note 11 - Borrowings

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 11. Borrowings

The following table presents the components of borrowings as of the dates indicated:

	December 31,
	2020					2019
(Amounts in thousands)	Balance		Weighted Average Rate			Balance		Weighted Average Rate
Short-term borrowings
Retail repurchase agreements	$	964		0.32	%	$	1,601		0.14	%
Long-term borrowings
Wholesale repurchase agreements		—					—
Total borrowings	$	964				$	1,601

Repurchase agreements are secured by certain securities that remain under the Company’s control during the terms of the agreements. The counterparties may redeem callable repurchase agreements, which could substantially shorten the borrowings’ lives. The prepayment or early termination of a repurchase agreement may result in substantial penalties based on market conditions. The following schedule presents the contractual maturities of repurchase agreements, by type of collateral pledged, as of December 31, 2020:

	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater than 90 Days		Total
(Amounts in thousands)
U.S. Agency securities	$	—	$	—	$	—	$	—	$	—
Municipal securities		542		—		—		—		542
Mortgage-backed Agency securities		422		—		—		—		422
Total	$	964	$	—	$	—	$	—	$	964

The Company’s remaining wholesale repurchase agreement of $25 million matured during the first quarter of 2019. The Company repaid the borrowing with then current liquidity.

As of December 31, 2020, unused borrowing capacity with the FHLB totaled $292.92 million, net of FHLB letters of credit of $175.83 million. The Company pledged $840.63 million in qualifying loans to secure the FHLB letters of credit, which provide an attractive alternative to pledging securities for public unit deposits.

The Company maintains a $15.00 million unsecured, committed line of credit with an unrelated financial institution with an interest rate of one-month LIBOR plus 2.00% that matures in April 2021. There was no outstanding balance on the line as of December 31, 2020 or 2019.