Note 22 - Commitments -

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Commitments Disclosure [Text Block]

Note 22 – Commitments –

SBIC Capital Commitment

The SBIC is a program initiated by the U.S. Small Business Administration ("SBA") in 1958 to assist in the funding of small business loans. The program is a joint venture between investors with venture capital, the SBA, and small business borrowers. Investors are responsible for funding the first portion of the capital requirements, with the remaining requirement being funded by the SBA. The funds are then lent to small business borrowers.

The Bank has agreed to participate as an investor with McLarty Capital Partners SBIC, L.P. (“McLarty”), McLarty Capital Partners SBIC II, L.P. (“McLarty II”), Firmament Capital Partners SBIC III, L.P. (“Firmament III”), Firmament Capital Partners SBIC IV, L.P. (“Firmament IV”), Bluehenge Capital Secured Debt SBIC, L.P. (“Bluehenge”), Bluehenge Capital Secured Debt SBIC II, L.P. (“Bluehenge II”), New Louisiana Angel Fund 2, LLC (“New Louisiana”) and Pharos Capital Partners IV-A, L.P. (“Pharos”). As part of the TCBI acquisition, the Bank acquired investments in and committed to invest further in Bluehenge Capital Secured Debt SBIC, L.P. (included with prior Bluehenge investments), Valesco Fund II, LP (“Valesco II”), Valesco Fund III, LP (“Valesco III”), and GP Capital Partners, LP (“GP Capital”). Details of these commitments at December 31, 2023 are below.

	Total Capital Commitment		Capital Called		Remaining Unfunded Capital Commitment
McLarty	$	2,000	$	1,802	$	198
McLarty II		2,500		2,222		278
Firmament III		2,500		1,873		627
Firmament IV		2,500		517		1,983
Bluehenge		2,500		2,312		188
Bluehenge II		2,500		1,188		1,312
New Louisiana		50		50		-
Pharos		1,000		495		505
Valesco II		1,000		795		205
Valesco III		2,000		119		1,881
GP Capital		1,000		636		364
	$	19,550	$	12,009	$	7,541

Fintech Fund Commitment

The Company has agreed to invest in certain Fintech funds. As part of the TCBI acquisition, the Company acquired investments in and committed to invest further in any remaining unfunded capital commitments in Work America Capital Fund I, LP and SBRE I, LLC. During the year ended December 31, 2022, SBRE I, LLC was fully redeemed. Details of these commitments at December 31, 2023 are below.

	Total Capital Commitment		Capital Called		Remaining Unfunded Capital Commitment
BankTech Ventures, LP	$	500	$	235	$	265
Jam Fintop BankTech, LP		1,000		508		492
Ledyard Capital Managers, LLC		1,000		1,000		-
Mendon Ventures Banktech Fund I, LP		1,500		1,355		145
Castle Creek Launchpad Fund I, LP		1,500		682		818
Work America Capital Fund I, LP		700		700		-
	$	6,200	$	4,480	$	1,720

Federal Home Loan Bank Letters of Credit

The Bank had outstanding letters of credit on behalf of others from the FHLB of $301.7 million and $173.7 million at December 31, 2023 and 2022, respectively. The outstanding letters of credit as of December 31, 2023 are as follows:

Twelve letters of credit totaling $93.2 million expire in January 2024.

Four letters of credit totaling $162.7 million expire in February 2024.

One letter of credit of $403,000 expires in March 2024.

Eleven letters of credit totaling $28.9 million expire in April 2024.

Nine letters of credit totaling $7.1 million expire in May 2024.

Two letters of credit totaling $4.6 million expire in June 2024.

Two letters of credit totaling $3.4 million expire in August 2024.

One letter of credit of $251,000 expires in September 2024.

Two letters of credit totaling $675,000 expire in November 2024.

One letter of credit of $329,000 expires in December 2024.