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Short-term Borrowings

3 Months Ended

Mar. 31, 2021

Short-term borrowings:

There were no short-term Federal Home Loan Bank Advances at March 31, 2021 and December 31, 2020. The Company had $4.9 million and $2.2 million in securities sold under repurchase agreements for the periods ended March 31, 2021 and December 31, 2020, respectively. In addition, the Company had no Federal funds purchased and has a $350 thousand balance with one lending institution at March 31, 2021 and December 31, 2020.

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 $2.3 million at March 31, 2021 and December 31, 2020.

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, 2021		December 31, 2020
Overnight and continuous repurchase agreements
U.S. Treasury and U.S. government sponsored entities	$	148	$	42
State and political subdivisions		2,441		1,407
Mortgage-backed securities - residential		2,104		568
Collateralized mortgage obligations - residential		167		154
Total repurchase agreements	$	4,860	$	2,171

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.