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Note 9 - Short-Term Borrowings | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Short-Term Borrowings | Note 9. Short-Term Borrowings Short-term borrowings as of December 31, 2020 and 2019 are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
Overnight repurchase agreements with customers | ​ | $ | — | ​ | $ | 2,193
Federal funds purchased | ​ |  | 5,430 | ​ |  | 11,230
​ | ​ | $ | 5,430 | ​ | $ | 13,423
​ As of December 31, 2020, the Company is no longer offering overnight repurchase agreements with customers. The Company’s overnight repurchase agreements with customers were collateralized by investment securities with carrying values as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. govt. sponsored agency securities | ​ | $ | — | ​ | $ | 1,964
Residential mortgage-backed and related securities | ​ |  | 517 | ​ |  | 1,456
Total securities pledged to overnight customer repurchase agreements | ​ |  | 517 | ​ |  | 3,420
Less: overcollateralized position | ​ |  | 517 | ​ |  | 1,227
​ | ​ | $ | — | ​ | $ | 2,193
​ 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 were under the Company’s control in safekeeping at third-party financial institutions. Information concerning overnight repurchase agreements with customers is summarized as follows for the years ended December 31, 2020 and 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 | 2019
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average daily balance | ​ | $ | 1,495 | ​ | $ | 4,231 | ​
Average daily interest rate | ​ |  | 0.40 | % |  | 0.73 | %
Maximum month-end balance | ​ | $ | 2,377 | ​ | $ | 4,177 | ​
Weighted average rate as of December 31 | ​ |  | — | % |  | 1.00 | %
​ ​ ​ ​ ​ Note 9. Short-Term Borrowings (continued) Information concerning federal funds purchased is summarized as follows for the years ended December 31, 2020 and 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 | 2019
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average daily balance | ​ | $ | 19,573 | ​ | $ | 12,594 | ​
Average daily interest rate | ​ |  | 0.36 | % |  | 2.56 | %
Maximum month-end balance | ​ | $ | 30,430 | ​ | $ | 17,010 | ​
Weighted average rate as of December 31 | ​ |  | 0.06 | % |  | 1.50 | %
​

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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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