Other Borrowings and Notes Payable

12 Months Ended

Dec. 31, 2018

OTHER BORROWINGS AND NOTES PAYABLE

A summary of other borrowings is as follows:



	December 31,
($ in thousands)	2018			2017
Securities sold under customer repurchase agreements	$	221,450		$	253,674

Average balance during the year	170,963			220,807
Maximum balance outstanding at any month-end	231,450			253,674
Average interest rate during the year	0.41		%	0.21		%
Average interest rate at December 31	0.49			0.25

Federal Reserve Line

The Bank also has a line with the Federal Reserve Bank of St. Louis which provides additional liquidity to the Company. As of December 31, 2018, $989.4 million was available under this line. This line is secured by a pledge of certain eligible loans aggregating $1.2 billion. There were no amounts drawn on the Federal Reserve line of credit as of December 31, 2018.

Revolving Credit

In February 2016, the Company entered into a senior unsecured revolving credit agreement (“Revolving Agreement”) with another bank allowing for borrowings up to $20 million. The proceeds can be used for general corporate purposes. The Revolving Agreement is subject to ongoing compliance with a number of customary affirmative and negative covenants as well as specified financial covenants.

In February 2019, the Company closed on an amendment to the Revolving Agreement and a new term note. See “Note 22 – Subsequent Events” for more information regarding the transaction.

A summary of the amounts drawn on the Revolving Agreement as of December 31, 2018, and 2017 is as follows:



	December 31,
($ in thousands)	2018			2017
Outstanding balance	$	2,000		$	—

Average balance during the year	22			822
Maximum balance outstanding at any month-end	2,000			10,000
Weighted average interest rate during the year	4.63		%	3.50		%
Average interest rate at December 31	4.63			—