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Unused Lines of Credit | 12 Months Ended
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Dec. 31, 2022
Unused Lines of Credit [Abstract] |
Unused Lines of Credit | NOTE 12 – Unused Lines of Credit At December 31, 2022, the Company had five lines of credit to purchase federal funds that totaled $118.5 million which were unused at December 31, 2022. The lines of credit are available on a one to 14 day basis for general corporate purposes of the Company. The lender has reserved the right to withdraw the line at their option. The Company has an additional line of credit with the FHLB to borrow funds, subject to a pledge of qualified collateral. The Company has collateral that would support approximately $515.8 million in additional borrowings with the FHLB at December 31, 2022. The Company also has an unsecured, interest only line of credit for $15 million with another financial institution which was unused at December 31, 2022. The line bears interest at One Month CME Term SOFR plus 3.50% and maturing on December 20, 2023. The loan agreement contains various financial covenants related to capital, earnings and asset quality.

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