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Unused Lines of Credit | 12 Months Ended
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Dec. 31, 2023
Unused Lines Of Credit |
Unused Lines of Credit | NOTE 10 – Unused Lines of Credit At December 31, 2023, the Company had five lines of credit to purchase federal funds that totaled $108.5 million which were unused at December 31, 2023. The lines of credit are available on a one to 14 day basis for general corporate purposes of the Company. The lenders have 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 $542.8 million in additional borrowings with the FHLB at December 31, 2023. The Company is also enrolled in the Federal Reserve’s Bank Term Funding Program which offers loans of up to one year in length if we pledge collateral eligible for purchase by the Federal Reserve Banks in open market operations, such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. At December 31, 2023, the Company had $13.0 million of marketable investment securities pledged in the Federal Reserve’s Bank Term Funding Program. At December 31, 2023, we had $227.1 million pledged and available with the Federal Reserve Discount Window. The Company also has an unsecured, interest only line of credit for $15 million with another financial institution which was unused at December 31, 2023. The line bears interest at the U.S. Prime Rate plus 0.25% and matures on February 28, 2025. The loan agreement contains various financial covenants related to capital, earnings and asset quality.

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