Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Borrowings

v3.24.3
Note 13 - Borrowings
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 13 - Borrowings

 

At September 30, 2024, and December 31, 2023, borrowed funds are summarized below:

 

   

(Dollars in thousands)

  
   

September 30,

    

December 31,

  
   

2024

    

2023

  

Federal Reserve Fixed rate advance with outstanding rate of 4.38% as of December 31, 2023

   $ -     $ 80,000  

FHLB Fixed rate advance with outstanding rate of 5.00%, maturing October 4, 2024

     20,000       -  

FHLB Fixed rate advance with outstanding rate of 4.85%, maturing May 16, 2025

     10,000       -  

FHLB Fixed rate advance with outstanding rate of 4.77%, maturing May 19, 2025

     10,000       -  

FHLB Fixed rate advance with outstanding rate of 3.38%, maturing August 7, 2028

     10,000       -  

FHLB Fixed rate advance with outstanding rate of 3.22%, maturing August 7, 2029

     10,000       -  

FHLB Fixed rate advance with outstanding rate of 3.84%, maturing August 28, 2029

     15,000       -  

FHLB Fixed rate advance with outstanding rate of 3.74%, maturing August 28, 2029

     10,000       -  

Total

   $ 85,000     $ 80,000  

 

At September 30, 2024, scheduled maturities of borrowed funds were as follows:

 

   

(Dollars in thousands)

  

2024

   $ 20,000  

2025

     20,000  

2026

     -  

2027

     -  

2028

     10,000  

2029

     35,000  

Total

   $ 85,000  

 

As of September 30, 2024, the Bancorp no longer has any outstanding balance under the Federal Reserve’s Bank Term Funding Program (“BTFP”). 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 $686.0 million including borrowing capacity from the FHLB and Federal Reserve facilities and other sources. The Bancorp also 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 September 30, 2024 or December 31, 2023. The Bancorp did not have other borrowings at September 30, 2024, or as of December 31, 2023.