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Borrowings and Line of Credit

12 Months Ended

Dec. 31, 2021

Borrowings, Line of Credit and Subordinated Debt [Abstract]

Borrowings, Line of Credit and Subordinated Debt

Note 9. Borrowings and Line of Credit

Securities Sold Under Agreements to Repurchase:

Securities sold under repurchase agreements, which are secured borrowings, generally mature within one to four days from the transaction date. Securities sold under repurchase agreements are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. The Company monitors the fair value of the underlying securities on a daily basis.

At December 31, 2021 and 2020, the Company had securities sold under agreements to repurchase of $5.1 million and $5.8 million, respectively, with commercial checking customers which were secured by government agency securities.  The average balance for 2021 and 2020 was $5.7 million and $6.2 million, respectively.  The maximum month-end outstanding balance for 2021 and 2020 was $7.3 million and $8.4 million, respectively.  The carrying value of investment securities pledged as collateral under repurchase agreements was $10.1 million and $7.6 million at December 31, 2021 and December 31, 2020, respectively.

Federal Reserve Bank:

The Bank has agreements with the Federal Reserve Bank’s discount window to provide additional funding to the Bank. The Federal Reserve discount window line is collateralized by a pool of commercial real estate loans and commercial and industrial loans.

At December 31, 2021 and 2020, the funding capacity and loans secured for borrowings was as follows (in thousands):

​	​	​	​	​	​	​
​	​	2021		​	2020
Maximum funding capacity		$	116,942	​	$	149,219
Borrowings		​	—	​	​	—
Additional funding capacity	​	$	116,942	​	$	149,219
Loans secured for borrowings		$	194,543	​	$	258,774

​

Federal Home Loan Bank Advances:

The Bank has agreements with the Federal Home Loan Bank of Cincinnati ("FHLB") that can provide advances to the Bank. All of the advances are secured by a blanket lien on qualifying first mortgages on 1-4 family residential, multi-family properties and commercial properties and are pledged as collateral for these advances. There were no securities pledged to FHLB at December 31, 2021 and 2020.

At December 31, 2021 and 2020, the borrowing capacity and loans secured for advances was as follows (in thousands):

​	​	​	​	​	​	​
​	​	2021		​	2020
Maximum borrowing capacity		$	243,467	​	$	194,445
FHLB advances		​	(75,000)	​	​	(75,000)
Standby letters of credit	​	​	(3,981)	​	​	(83,982)
Additional borrowing capacity	​	$	164,486	​	$	35,463
Loans secured for advances		$	342,206	​	$	281,670

​

At December 31, 2021 and 2020, FHLB advances consist of the following (in thousands):

​	​	​	​	​	​	​
​	​	2021		​	2020
Long-term advance dated September 10, 2019, requiring monthly interest payments, fixed at 0.93%, with a put option exercisable on September 10, 2020 and then quarterly thereafter, principal due in September 2029.1		$	25,000	​	$	25,000
​	​	​	​	​	​	​
Long-term advance dated February 28, 2020, requiring monthly interest payments, fixed at 0.46%, with a put option exercisable on February 26, 2021 and then quarterly thereafter, principal due in February 2030.1		​	50,000	​	​	50,000
Total		$	75,000	​	$	75,000

¹On agreements with put options, the FHLB has the right, at its discretion, to terminate the entire advance prior to the stated maturity date.  The termination option may only be exercised on the expiration date of the predetermined lockout period and on a quarterly basis thereafter.

Scheduled maturities:

At December 31, 2021, scheduled maturities of the FHLB advances are as follows (in thousands):

​

​	​	​	​
2022		$	—
2023	​		—
2024	​		—
2025	​		—
2026	​		—
Thereafter	​		75,000
Total	​	$	75,000

​

Other Borrowings:

On May 1, 2018, the Company entered into a loan agreement in the amount of $500 thousand at a rate of 4.75% with semi-annual payments of principal plus accrued interest over an amortization period of ten years. The outstanding balance of the borrowing of $374 thousand was repaid during June 2021.  The outstanding principal balance of the borrowing at December 31, 2020, was $396 thousand.

Federal Funds Purchased:

There were no federal funds purchased as of December 31, 2021 and 2020 respectively.

Line of Credit:

The Company has a Loan and Security Agreement and revolving note with ServisFirst Bank, pursuant to which ServisFirst Bank has made a $25.0 million revolving line of credit available to the Company. The maturity of the line of credit is March 24, 2023. At December 31, 2021, $7.5 million was outstanding under the line of credit, and $17.5 million of the line of credit remained available to the Company.

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- 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.

+ References

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