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Note 9 - Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Short-Term Borrowings | Note 9. Short-Term Borrowings Short-term borrowings as of December 31, 2019 and 2018 are summarized as follows:
|  | 2019 |  | 2018
|  | (dollars in thousands)
Overnight repurchase agreements with customers |  | $ | 2,193 |  | $ | 2,084
Federal funds purchased |  |  | 11,230 |  |  | 26,690
|  | $ | 13,423 |  | $ | 28,774
The Company’s overnight repurchase agreements with customers are collateralized by investment securities with carrying values as follows:
|  | 2019 |  | 2018
|  | (dollars in thousands)
U.S. govt. sponsored agency securities |  | $ | 1,964 |  | $ | 3,662
Residential mortgage-backed and related securities |  |  | 1,456 |  |  | 20,654
Total securities pledged to overnight customer repurchase agreements |  |  | 3,420 |  |  | 24,316
Less: overcollateralized position |  |  | 1,227 |  |  | 22,232
|  | $ | 2,193 |  | $ | 2,084
Inherent in the overnight repurchase 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, 2019 and 2018 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, 2019 and 2018:
|  | 2019 | 2018
|  | (dollars in thousands)
Average daily balance during the period |  | $ | 4,231 |  | $ | 7,831 |
Average daily interest rate during the period |  |  | 0.73 | % |  | 0.38 | %
Maximum month-end balance during the period |  | $ | 4,177 |  | $ | 10,392 |
Weighted average rate as of end of period |  |  | 1.00 | % |  | 0.90 | %
Note 9. Short-Term Borrowings (continued) Information concerning federal funds purchased is summarized as follows as of December 31, 2019 and 2018:
|  | 2019 | 2018
|  | (dollars in thousands)
Average daily balance during the period |  | $ | 12,594 |  | $ | 13,059 |
Average daily interest rate during the period |  |  | 2.56 | % |  | 2.18 | %
Maximum month-end balance during the period |  | $ | 17,010 |  | $ | 32,330 |
Weighted average rate as of end of period |  |  | 1.50 | % |  | 2.46 | %

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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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