Securities Sold Under Agreements to Repurchase and Other Short Term Borrowings

12 Months Ended

Dec. 31, 2021

Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Abstract]

Securities Sold Under Agreements to Repurchase and Other Short Term Borrowings

14.Securities Sold Under Agreements to Repurchase and Other Short Term Borrowings

Total securities sold under agreement to repurchase are summarized as follows:

	Years Ended December 31,
	2021			2020
	(In Thousands, Except Percentages)
Securities sold under agreement to repurchase
Amounts outstanding at year-end	$	—		$	—
Year-end interest rate		—			—
Average daily balance during year		12,586			4,309
Maximum month-end balance during the year		105,000			14,487
Average interest rate during the year		0.18	%		0.55	%

The Company has utilized securities sold under agreements to repurchase in the past to facilitate the needs of our customers and to facilitate secured short-term funding needs. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. We monitor levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agent.

As of December 31, 2021 and 2020, the Company had the following undrawn lines of credit facilities available for short-term borrowing purposes:

A $20.0 million line of credit with First Horizon Bank. The rate on the line of credit is at three- month LIBOR + 2.00%, with a floor of 2.50%, which floats quarterly. This line was undrawn upon as of December 31, 2021 and 2020.

A $25.0 million line of credit with U.S. Bank. The rate on this line of credit is U.S. Bank’s federal funds rate, which floats daily. This line was undrawn upon as of December 31, 2021 and 2020.