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Other Borrowings and Notes Payable
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Other Borrowings and Notes Payable OTHER BORROWINGS AND NOTES PAYABLE
Securities Sold Under Agreement to Repurchase
The Company enters into sales of securities under agreements to repurchase. The agreements are transacted with deposit customers and are utilized as an overnight investment product. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the Consolidated Balance Sheets. The Company has no control over the market value of the securities, which fluctuates due to market conditions.
However, the Company is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Company manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.

A summary of securities sold under agreements to repurchase is as follows:
December 31,
($ in thousands)20202019
Securities sold under agreement to repurchase$271,081 $230,886 
Average balance during the year206,338 169,179 
Maximum balance outstanding at any month-end271,081 230,886 
Average interest rate during the year0.23 %0.69 %
Average interest rate at December 310.07 %0.91 %

Federal Reserve Line
The Bank also has a line with the Federal Reserve Bank of St. Louis which provides additional liquidity to the Company. As of December 31, 2020, $0.9 billion was available under this line. This line is secured by a pledge of certain eligible loans aggregating $1.1 billion. There were no amounts drawn on the Federal Reserve line of credit as of December 31, 2020.

Federal Reserve PPPLF
The Company acquired $86.1 million of Federal Reserve PPPLF funds from the Seacoast acquisition which were subsequently paid off in November 2020.

Revolving Credit Line
In February 2016, the Company entered into a senior unsecured revolving credit agreement (the “Revolving Agreement”) with another bank. The Revolving Agreement has a one-year term, maturing on February 22, 2021. It is in process of renewal and allows for borrowings up to $25 million. The interest rate is the one-month LIBOR plus 125 basis points. The proceeds can be used for general corporate purposes. The Revolving Agreement is subject to ongoing compliance with a number of customary affirmative and negative covenants as well as specified financial covenants. 

A summary of the amounts drawn on the Revolving Agreement is as follows:
December 31,
($ in thousands)2019
Outstanding balance$— 
Average balance during the year323 
Maximum balance outstanding at any month-end2,000 
Weighted average interest rate during the year4.61 %
Average interest rate at December 31— 

The revolving credit line was not accessed in 2020.
Term Loan
In February 2019, the Company entered into a five year, $40.0 million unsecured term loan agreement (the “Term Loan”) with another bank with the proceeds primarily used to fund the company’s cash portion of the acquisition of Trinity. The interest rate is the one-month LIBOR plus 125 basis points.

A summary of the Term Loan is as follows:
December 31,
($ in thousands)20202019
Term Loan$30,000 $34,286 
Average balance during the year32,123 30,810 
Maximum balance outstanding at any month-end34,286 40,000 
Weighted average interest rate during the year1.96 %3.55 %
Average interest rate at December 311.44 %3.00 %