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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

12 Months Ended

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

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- References

No definition available.

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