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Short-Term Borrowings

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Short-Term Borrowings

NOTE 10 - SHORT-TERM BORROWINGS

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are summarized as follows:

		At December 31, 2019								At December 31, 2018
		Federal Funds Purchased				Short-term Borrowings				Federal Funds Purchased				Short-term Borrowings
Outstanding balance at year end		$	—			$	101,500			$	—			$	188,600
Maximum indebtedness during the year			20,000				192,700				20,000				225,300
Average balance during the year			137				112,088				116				113,520
Average rate paid during the year			2.19	%			2.32	%			2.58	%			2.07	%
Interest rate on year end balance			—				1.63	%			—				2.45	%

		At December 31, 2017
		Federal Funds Purchased				Short-term Borrowings
Outstanding balance at year end		$	—			$	56,900
Maximum indebtedness during the year			20,000				115,050
Average balance during the year			119				38,825
Average rate paid during the year			1.68	%			1.12	%
Interest rate on year end balance			—				1.42	%

Average balances during the year represent daily averages. Average interest rates represent interest expense divided by the related average balances.

These borrowing transactions can range from overnight to six months in maturity. The average maturity was one day at December 31, 2019, 2018 and 2017.

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- References

No definition available.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ 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

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