Quarterly report pursuant to Section 13 or 15(d)

Note 13 - Borrowings

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Note 13 - Borrowings
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 13 - Borrowings

 

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

 

   

(Dollars in thousands)

  
   

June 30,

    

December 31,

  
   

2024

    

2023

  

Fixed rate advances from the Federal Reserve with outstanding rates of 5.40% as of June 30, 2024

   $ 60,000     $ 80,000  

Fixed rate advances from the FHLB with outstanding rates of 3.84% as of June 30, 2024

   $ 15,000     $ -  

Fixed rate advances from the FHLB with outstanding rates of 3.74% as of June 30, 2024

   $ 10,000     $ -  

Total

   $ 85,000     $ 80,000  

 

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

 

   

(Dollars in thousands)

  
2025   $ 60,000  
2026     -  
2027     -  
2028     -  
2029     25,000  

Total

   $ 85,000  

 

As of June 30, 2024, the Bancorp had an outstanding balance under the Federal Reserve’s Bank Term Funding Program (“BTFP”) of $60 million, and is pledging as collateral, securities with a par value of $218.2 million. 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 $574.3 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 June 30, 2024 or December 31, 2023. The Bancorp did not have other borrowings at June 30, 2024, or as of December 31, 2023.