Note 11 - Other Borrowings and Unused Lines of Credit

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Other Borrowings and Unused Lines of Credit

Note 11. Other Borrowings and Unused Lines of Credit

In the second quarter of 2021, the Company renewed its revolving line of credit.  At renewal, the line amount remained unchanged at $25.0 million for which there was no outstanding balance as of December 31, 2021. Interest on the revolving line of credit is calculated at the effective Prime Rate plus 2.25% per annum (5.50% at December 31, 2021). The collateral on the revolving line of credit is 100% of the outstanding capital stock of the Company’s bank subsidiaries.

Unused lines of credit of the subsidiary banks as of December 31, 2021 and 2020 are summarized as follows:

	2021		2020
	(dollars in thousands)
Secured	$	61,657	$	287,076
Unsecured		456,000		456,000
	$	517,657	$	743,076

Included in the Secured category above, the Company pledges select C&I, CRE and PPP loans to the Federal Reserve Bank of Chicago for borrowing as part of the Borrower-In-Custody program.