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 zero and $2.3 million for the year ended December 31, 2021 and 2020, respectively.

Repurchase agreements are financing arrangements that mature within 89 days and usually overnight. Under the agreements, customers agree to maintain funds on deposit with the Bank and in return acquire an interest in a pool of securities pledged as collateral against the funds. The securities are held in segregated safekeeping accounts at the Federal Reserve Bank, Farmers Trust and the FHLB. Information concerning securities sold under agreements to repurchase is summarized as follows:

	2021			2020			2019
Average balance during the year	$	2,354		$	3,425		$	3,343
Average interest rate during the year		0.18	%		0.66	%		1.36	%
Maximum month-end balance during the year	$	4,860		$	5,150		$	5,505
Weighted average year-end interest rate		0.00	%		0.66	%		1.36	%
Balance at year-end	$	0		$	2,171		$	1,700

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

	2020
Overnight and continuous repurchase agreements
U.S. Treasury and U.S. government sponsored entities	$	42
State and political subdivisions		1,407
Mortgage-backed securities - residential		568
Collateralized mortgage obligations		154
Total borrowings	$	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.

The Bank has access to lines of credit amounting to $35 million at two major domestic banks that are below prime rate. The lines and terms are periodically reviewed by the lending banks and are generally subject to withdrawal at their discretion. There were no borrowings under these lines at December 31, 2021 and 2020.

Farmers has two unsecured revolving lines of credit for $6.5 million. The lines can be renewed annually. The lines have interest rates of prime with floors of 3.5% and 4.5%. The outstanding balance on the two lines was zero and $350 thousand at December 31, 2021 and 2020, respectively. The interest rate on the outstanding balance at December 31, 2020 was 4.60%.