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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended
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Dec. 31, 2019
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | NOTE 10 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE All repurchase agreements are sweep instruments. 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, and included securities available-for-sale. Information pertaining to securities sold under agreements to repurchase as of December 31 is as follows:
|  | 2019 |  | 2018 |
|  | (dollars in thousands) |
Balance at end of year |  | $ | 44,433 |  | $ | 46,195 |
Weighted average rate as of end of year |  |  | 0.20 | % |  | 0.12 | %
Fair value of securities underlying the agreements |  | $ | 57,760 |  | $ | 61,092 |
Carrying value of securities underlying the agreements |  | $ | 57,760 |  | $ | 61,092 |

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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- References No definition available. + Details
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