Note 11 - Other Borrowings and Unused Lines of Credit

12 Months Ended

Dec. 31, 2022

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 2022, the Company renewed its revolving line of credit.  At renewal, the available line amount increased from $25.0 million to $50.0 million for which there was no outstanding balance as of December 31, 2022. Interest on the revolving line of credit is calculated at the greater of: (a) the effective Prime Rate less 0.50% and (b) 3.00% per annum. 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, 2022 and 2021 are summarized as follows:

	2022		2021
	(dollars in thousands)
Secured	$	30,990	$	61,657
Unsecured		470,800		456,000
	$	501,790	$	517,657

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