There were $15 million in short-term Federal Home Loan Bank Advances at March 31, 2020 with a weighted average interest rate of 0.26%. Short-term Federal Home Loan Bank Advances were $75 million at December 31, 2019. The Company had $4.6 million and $1.7 million in securities sold under repurchase agreements for the periods ended March 31, 2020 and December 31, 2019, respectively. In addition, the Company had no Federal funds purchased and has a $350 thousand balance on business lines of credit with one lending institution at March 31, 2020 and December 31, 2019.

Securities sold under repurchase agreements are secured by the Bank’s holdings of debt securities issued by U.S. Government sponsored entities and agencies. These pledged securities which are 105% of the repurchase agreement balances, had a carrying amount of $4.9 million and $1.8 million at March 31, 2020 and December 31, 2019.

The following table provides a disaggregation of the obligation by the class of collateral pledged for short-term financing obtained through the sales of repurchase agreements:

(In Thousands of Dollars)	March 31, 2020		December 31, 2019
Overnight and continuous repurchase agreements
U.S. Treasury and U.S. government sponsored entities	$	119	$	55
State and political subdivisions		2,060		627
Mortgage-backed securities - residential		1,974		948
Collateralized mortgage obligations - residential		495		70
Total repurchase agreements	$	4,648	$	1,700

Management believes the risks associated with the agreements are minimal and, in the case of collateral decline, the Company has additional investment securities available to adequately pledge as guarantees for the repurchase agreements.