Note 12 - Other Borrowings and Unused Lines of Credit

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Other Borrowings and Unused Lines of Credit

Note 12. Other Borrowings and Unused Lines of Credit

In the second quarter of 2023, the Company renewed its revolving line of credit.  At renewal, the available line amount remained unchanged at $50.0 million for which there was no outstanding balance as of December 31, 2023 or 2022. Interest on the revolving line of credit is calculated at the greater of: (a) the effective Prime Rate less 0.50% or (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, 2023 and 2022 are summarized as follows:

	2023		2022
	(dollars in thousands)
Secured	$	248,494	$	30,990
Unsecured		450,800		470,800
	$	699,294	$	501,790

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

The Company has been approved for the Bank Term Funding Program. As of December 31, 2023, there were no amounts outstanding and investment securities with a carrying value of $10.1 million are pledged as collateral for the program.  The Bank Term Funding Program ends March 11, 2024.