Borrowings and Line of Credit |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Borrowings and Line of Credit | Note 9. Borrowings and Line of Credit Securities Sold Under Agreements to Repurchase: Securities sold under repurchase agreements, which are secured borrowings, generally mature within to four days from the transaction date. Securities sold under repurchase agreements are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. The Company monitors the fair value of the underlying securities on a daily basis. At December 31, 2025 and 2024, the Company had securities sold under agreements to repurchase of $3.0 million and $4.1 million, respectively, with commercial checking customers which were secured by government agency securities. The average balance for 2025 and 2024 was $3.2 million and $4.7 million, respectively. The maximum month-end outstanding balance for 2025 and 2024 was $4.5 million and $5.8 million, respectively. The carrying value of investment securities pledged as collateral under repurchase agreements was $6.0 million and $6.5 million at December 31, 2025 and December 31, 2024, respectively. Federal Reserve Bank: The Bank has agreements with the Federal Reserve Bank’s discount window to provide additional funding to the Bank. The Federal Reserve discount window line is collateralized by a pool of commercial real estate loans and commercial and industrial loans. At December 31, 2025 and 2024, the funding capacity and loans secured for borrowings was as follows (in thousands):
Federal Home Loan Bank Advances: The Bank has agreements with the Federal Home Loan Bank of Cincinnati ("FHLB") that can provide advances to the Bank. All of the advances are secured by a blanket lien on qualifying first mortgages on 1-4 family residential and commercial properties and are pledged as collateral for these advances. There were no securities pledged to FHLB at December 31, 2025 and 2024. At December 31, 2025 and 2024, the borrowing capacity and loans secured for advances was as follows (in thousands):
The Company had no FHLB advances as of December 31, 2025 and 2024. Federal Funds Purchased: There were no federal funds purchased as of December 31, 2025, and 2024. Line of Credit: The Company has a revolving line of credit for an aggregate amount of $35 million. The maturity of the line of credit is May 1, 2027. At December 31, 2025, and 2024, $0 and $4.0 million, respectively, was outstanding under the line of credit. |
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