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Note 8 - Other Borrowings | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Other Borrowings [Text Block] | Note 8. Other Borrowings The Company had an unsecured line of credit totaling $5.0 million with a non-affiliated bank at December 31, 2022. There were no borrowings outstanding on the line of credit at December 31, 2022. The interest rate on the line of credit floats at Wall Street Journal Prime Rate plus 0.25%, with a floor of 3.50%, and matures on March 25, 2026. The Bank had unused lines of credit totaling $287.3 million and $240.4 million available with non-affiliated banks at December 31, 2022 and 2021, respectively. These available sources of credit included $188.8 million available from Federal Home Loan Bank of Atlanta (FHLB), $47.5 million available from the Federal Reserve Bank, and unsecured lines of credit with correspondent banks totaling $51.0 million. The Bank can borrow up to 19% of its total assets through the blanket floating lien agreement with the FHLB. The Bank had collateral pledged on the borrowing line at December 31, 2022 and 2021 including real estate loans totaling $286.6 million and $205.8 million, respectively, and FHLB stock with a book value of $796 thousand and $701 thousand, respectively. The Bank did not have borrowings under these lines of credit at December 31, 2022 and 2021.

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