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Note 9 - Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Short-term Debt [Text Block] | Note 9. Short-Term Borrowings Short-term borrowings as of December 31, 2018 and 2017 are summarized as follows:
|  | 2018 |  | 2017
Overnight repurchase agreements with customers |  | $ | 2,084,157 |  | $ | 7,003,122
Federal funds purchased |  |  | 26,690,000 |  |  | 6,990,000
|  | $ | 28,774,157 |  | $ | 13,993,122
The Company’s overnight repurchase agreements with customers are collateralized by investment securities with carrying values as follows:
|  | 2018 |  | 2017
U.S. govt. sponsored agency securities |  | $ | 3,661,995 |  | $ | 2,077,702
Residential mortgage-backed and related securities |  |  | 20,654,345 |  |  | 18,816,280
Total securities pledged to overnight customer repurchase agreements |  |  | 24,316,340 |  |  | 20,893,982
Less: overcollateralized position |  |  | 22,232,183 |  |  | 13,890,860
|  | $ | 2,084,157 |  | $ | 7,003,122
Inherent in the overnight purchase agreements is a risk that the fair value of the collateral pledged on the agreements could decline below the amount obligated under our customer repurchase agreements. The Company considers this risk minimal. The Company monitors balances daily to ensure that collateral is sufficient to meet obligations. Additionally, the Company maintains an overcollateralized position that is sufficient to cover any interest rate movements. The securities underlying the agreements as of December 31, 2018 and 2017 were under the Company’s control in safekeeping at third-party financial institutions. Information concerning overnight repurchase agreements with customers is summarized as follows as of December 31, 2018 and 2017:
|  | 2018 | 2017
Average daily balance during the period |  | $ | 7,830,860 |  | $ | 7,475,824 |
Average daily interest rate during the period |  |  | 0.38 | % |  | 0.08 | %
Maximum month-end balance during the period |  | $ | 10,391,529 |  | $ | 11,829,201 |
Weighted average rate as of end of period |  |  | 0.90 | % |  | 0.15 | %
Information concerning federal funds purchased is summarized as follows as of December 31, 2018 and 2017:
|  | 2018 | 2017
Average daily balance during the period |  | $ | 13,059,102 |  | $ | 13,486,239 |
Average daily interest rate during the period |  |  | 2.18 | % |  | 1.31 | %
Maximum month-end balance during the period |  | $ | 32,330,000 |  | $ | 33,650,000 |
Weighted average rate as of end of period |  |  | 2.46 | % |  | 1.24 | %

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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