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Other Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Other Borrowings OTHER BORROWINGS
Securities Sold Under Agreement to Repurchase
The Company enters into sales of securities under agreements to repurchase. The agreements are transacted with deposit customers and are utilized as an overnight investment product. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the Consolidated Balance Sheets. The Company has no control over the market value of the securities, which fluctuates due to market conditions. However, the Company is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Company manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.
A summary of securities sold under agreements to repurchase is as follows:
December 31,
($ in thousands)20232022
Securities sold under agreement to repurchase$250,197 $270,773 
Average balance during the year168,745 211,039 
Maximum balance outstanding at any month-end250,197 284,269 
Average interest rate during the year2.16 %0.24 %
Average interest rate at December 313.56 %1.44 %

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, 2023, $2.5 billion was available under this line. Included in this line is $215.0 million related to the Bank Term Funding program. On January 24, 2024, the Federal Reserve announced that the program would cease making new loans on March 11, 2024. This line is secured by a pledge of certain eligible loans and securities aggregating $2.9 billion. There were no amounts drawn on the Federal Reserve line of credit as of December 31, 2023.

Other Borrowings
The Bank has $36.2 million of borrowings from various entities related to New Market Tax Credit investments. These notes have remaining terms that range from 25-30 years. These notes have an interest rate of 1.0% and are generally interest only for the first 7 years.

Revolving Credit Line
In February 2016, the Company entered into a senior unsecured revolving credit agreement (the “Revolving Agreement”) with another bank. The Revolving Agreement has a one-year term, maturing on February 22, 2024, allows for borrowings up to $25 million, and had an interest rate of one-month Term SOFR plus 136 basis points until February 2024. A fee of 0.30% annually is assessed against the unused commitment. 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. The revolving credit line was not accessed in 2023 or 2022.

Term Loan
In February 2019, the Company entered into a five year, $40.0 million unsecured term loan agreement (the “Term Loan”) with another bank with the proceeds primarily used to fund the company’s cash portion of an acquisition in 2019. The interest rate was one-month LIBOR plus 125 basis points until February 2022. In February 2022, the interest rate on the Term Loan was amended to one-month Term SOFR plus 136 basis points. The term loan agreement matures in February 2024.

A summary of the Term Loan is as follows:
December 31,
($ in thousands)20232022
Term Loan$11,429 $17,143 
Average balance during the year14,959 20,681 
Maximum balance outstanding at any month-end17,143 22,857 
Weighted average interest rate during the year6.44 %2.94 %
Average interest rate at December 316.70 %5.48