XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Short-term Borrowings | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Short-term Borrowings | Short-term borrowings: The Bank had short-term advances from the Federal Home Loan Bank ("FHLB") of $60.0 million at March 31, 2024 and $70.0 million at December 31, 2023. The interest rate on these borrowings was 5.42% at March 31, 2024 and 5.41% at December 31, 2023. Both of these short-term borrowings were borrowed using the FHLB's overnight repurchase advance program, as this product allows the most flexibility to meet the Bank's varying liquidity needs. These FHLB advances are secured by pledged assets which are described in the following Long-Term Borrowings footnote. In addition, the Bank had $285.0 million in short-term borrowings at both March 31, 2024 and December 31, 2023. The current borrowing matures in January 2025 and has a fixed interest rate of 4.76%. The borrowings are secured by securities with a par value of $287.0 million. The Bank has access to a line of credit for $25.0 million at a major domestic bank that is below prime rate. The line and terms are periodically reviewed by the lending bank and is generally subject to withdrawal at their discretion. There were no outstanding borrowings under this line at March 31, 2024, or December 31, 2023. Farmers has one unsecured revolving line of credit for $5.0 million. This line can be renewed annually and has an interest rate of prime with a floor of 3.5%. There was no outstanding balance on this line at either March 31, 2024, or December 31, 2023.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
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 -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration