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Note 11 - Other Borrowings and Unused Lines of Credit

12 Months Ended

Dec. 31, 2024

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 2024, the Company renewed its revolving line of credit with a third party financial institution.  At renewal, the available line amount remained unchanged at $50.0 million for which there was no outstanding balance as of December 31, 2024 or 2023. 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, 2024 and 2023 are summarized as follows:

​

​	​	​	​	​	​	​
​		2024			2023
​	​	(dollars in thousands)
​	​	​	​	​	​	​
Secured	​	$	746,742	​	$	248,494
Unsecured	​		450,800	​		450,800
​	​	$	1,197,542	​	$	699,294
​	​	​	​	​	​	​

​

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.

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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