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Other Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Other Borrowings

(14) Other Borrowings

 

The Company has a $5.0 million line of credit from an unrelated financial institution maturing on November 1, 2023, with an interest rate that adjusts daily based on the prime rate less 0.25%. This line of credit has covenants specific to capital and other financial ratios, which the Company was in compliance with at December 31, 2022. As of December 31, 2022 and 2021, the Company did not have an outstanding balance on the line of credit.

 

On September 29, 2022, The Company borrowed $10.0 million from an unrelated financial institution at a fixed rate of 6.15%. This borrowing matures on September 1, 2027 and requires quarterly principal and interest payments. Early principal payments are allowed and the balance was $9.0 million at December 31, 2022 after the Company made extra principal payments during 2022.

 

At December 31, 2022 and 2021, the Bank had no borrowings through the Federal Reserve discount window, while the borrowing capacity was $65.4 million and $79.3 million, respectively. The Bank also has various other federal funds agreements, both secured and unsecured, with correspondent banks totaling approximately $30.0 million at December 31, 2022 and 2021. As of December 31, 2022 and 2021, there were no borrowings through these correspondent bank federal funds agreements.