v3.21.1

Short-Term Borrowings | 3 Months Ended
--- | ---
Mar. 31, 2021
Short-term Debt [Abstract] |
Short-Term Borrowings | Short-Term Borrowings The following table summarizes our short-term borrowings as of the dates indicated:
|  | March 31, 2021 |  | December 31, 2020
(in thousands) |  | Weighted Average Rate |  | Balance |  | Weighted Average Rate |  | Balance
Securities sold under agreements to repurchase |  | 0.25 | % |  | $ | 175,785 |  |  | 0.28 | % |  | $ | 174,289 |
Federal Home Loan Bank advances |  | — |  |  | — |  |  | 0.29 |  |  | 56,500 |
Total |  | 0.25 | % |  | $ | 175,785 |  |  | 0.28 | % |  | $ | 230,789 |
Securities Sold Under an Agreement to Repurchase - Securities sold under agreements to repurchase are agreements in which the Company acquires funds by selling assets to another party under a simultaneous agreement to repurchase the same assets at a specified price and date. The Company enters into repurchase agreements and also offers a demand deposit account product to customers that sweeps their balances in excess of an agreed upon target amount into overnight repurchase agreements. All securities sold under agreements to repurchase are recorded on the face of the balance sheet. Federal Home Loan Bank Advances - The Bank has a secured line of credit with the FHLBDM. Advances from the FHLBDM are collateralized primarily by one- to four-family residential, commercial and agricultural real estate first mortgages equal to various percentages of the total outstanding notes. See Note 4. Loans Receivable and the Allowance for Credit Losses of the notes to the consolidated financial statements. Unsecured Line of Credit - The Bank has unsecured federal funds lines totaling $145.0 million from multiple correspondent banking relationships. There were no borrowings from such lines at either March 31, 2021 or December 31, 2020. Other - At March 31, 2021 and December 31, 2020, the Company had no Federal Reserve Discount Window borrowings, while the financing capacity was $64.8 million as of March 31, 2021 and $67.7 million as of December 31, 2020. As of March 31, 2021 and December 31, 2020, the Bank had municipal securities with a market value of $69.9 million and $72.0 million, respectively, pledged to the Federal Reserve Bank of Chicago to secure potential borrowings. The Company has a credit agreement with a correspondent bank with a revolving commitment of $25.0 million with interest payable at a rate of one-month LIBOR plus 1.75%. Fees are paid on the average daily unused revolving commitment in the amount of 0.30% per annum. The credit agreement matures on September 30, 2021. The Company had no balance outstanding under this revolving credit facility as of both March 31, 2021 and December 31, 2020.

X
- References No definition available. + Details
Name: | us-gaap_ShortTermBorrowingsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration