Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Borrowings

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Note 13 - Borrowings
 3 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 13 - Borrowings

 

At March 31, 2024, and December 31, 2023, borrowed funds are summarized below:

 

   

(Dollars in thousands)

  
   

March 31,

    

December 31,

  
   

2024

    

2023

  

Fixed rate advances from the Federal Reserve with outstanding rates of 5.40% as of March 31, 2024

   $ 65,000     $ 80,000  

Fixed rate advances from the FHLB with outstanding rates of 3.84% as of March 31, 2024

   $ 15,000     $ -  

Fixed rate advances from the FHLB with outstanding rates of 3.74% as of March 31, 2024

   $ 10,000     $ -  

Total

   $ 90,000     $ 80,000  

 

 

At March 31, 2024, scheduled maturities of borrowed funds were as follows:

 

   

(Dollars in thousands)

  

2025

   $ 65,000  

2026

     -  

2027

     -  

2028

     -  

2029

     25,000  

Total

   $ 90,000  

 

During the first quarter of 2024, the Bancorp continued participation in the Federal Reserve’s Bank Term Funding Program (“BTFP”) by maintaining $65 million funding under the program, and is pledging as collateral, securities with a par value of $103.4 million. The Federal Reserve ceased making loans under the BTFP on March 11, 2024. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, and access to diversified borrowing sources. The Bancorp has available liquidity of $516.4 million including borrowing capacity from the FHLB and Federal Reserve facilities and other sources. In addition to the BTFP, the Bancorp maintains a $25.0 million line of credit with the Federal Home Loan Bank of Indianapolis. The Bancorp did not have a balance on the line of credit at March 31, 2024 or December 31, 2023. The Bancorp did not have other borrowings at March 31, 2024, or as of December 31, 2023.