Short-term and Long-term Borrowings |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Short-term and Long-term Borrowings [Abstract] | |
| Short-term and Long-term Borrowings | Note 7 – Short-term and Long-term Borrowings
Securities sold under agreements to repurchase, federal funds purchased, and FHLB short term advances generally represent overnight or less than twelve month borrowings. Long term advances from the FHLB are for periods of twelve months or more and are generally less than sixty months. The Bank has an agreement with the FHLB, which allows for borrowings up to a percentage of qualifying assets. At June 30, 2026, the Bank had a maximum borrowing capacity for short-term and long-term FHLB advances of approximately $737.2 million, of which $737.1 million is available for borrowing at June 30, 2026. This borrowing capacity with the FHLB includes a line of credit of $150.0 million. The Bank had an outstanding FHLB letter of credit in the amount of $172 thousand as of June 30, 2026. There were no FHLB short-term or long-term advances outstanding as of June 30, 2026 or December 31, 2025. All FHLB borrowings are secured by qualifying assets of the Bank.
The Bank has a federal funds line of credit with the ACBB of $10.0 million, of which none was outstanding at June 30, 2026 and December 31, 2025. Advances from this line are unsecured.
The Bank is also eligible to borrow under the Federal Reserve Bank’s discount window borrowing programs.
The Company has a revolving line of credit facility with the ACBB of $7.5 million, of which none was outstanding at June 30, 2026 and December 31, 2025. Advances from this line are unsecured. Under the terms of this facility, availability under the revolving line of credit would be reduced to $5.0 million should the Company’s net tangible equity ratio drop below 5% and availability would be reduced to $2.0 million should the Company’s net tangible equity ratio drop below 2%. If the Company’s net tangible equity ratio drops below 0%, the commitment is cancelled. |