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Short-term Borrowings | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Short-term Borrowings | Short-term borrowings: There were no short-term Federal Home Loan Bank Advances at September 30, 2020. Short-term Federal Home Loan Bank Advances were $75 million at December 31, 2019. The Company had $4.8 million and $1.7 million in securities sold under repurchase agreements for the periods ended September 30, 2020 and December 31, 2019, respectively. In addition, the Company had no Federal funds purchased and has a $350 thousand balance with one lending institution at September 30, 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 $5.1 million and $1.8 million at September 30, 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) |  | September 30, 2020 |  |  | December 31, 2019 |
Overnight and continuous repurchase agreements |  |  |  |  |  |  |  |
U.S. Treasury and U.S. government sponsored entities |  | $ | 94 |  |  | $ | 55 |
State and political subdivisions |  |  | 2,990 |  |  |  | 627 |
Mortgage-backed securities - residential |  |  | 1,389 |  |  |  | 948 |
Collateralized mortgage obligations - residential |  |  | 369 |  |  |  | 70 |
Total repurchase agreements |  | $ | 4,842 |  |  | $ | 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.

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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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