Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2019

Securities Sold Under Agreements to Repurchase

NOTE 12 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase are used to facilitate the needs of our customers as well as to facilitate our short-term funding needs. Securities sold under repurchase agreements are carried at the amount of cash received in association with the agreement. We continuously monitor the collateral levels and may be required, from time to time, to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents.

The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of December 31, 2019 and 2018. All of the repurchase agreements are overnight agreements.

	December 31, 2019		December 31, 2018
Securities pledged for repurchase agreements:
U.S. Treasury securities	$	810	$	861
Obligations of U.S. government agencies		17,864		21,338
Total securities pledged	$	18,674	$	22,199
Gross amount of recognized liabilities for repurchase agreements	$	18,674	$	22,199
Amounts related to agreements not included in offsetting disclosures above	$	—	$	—

Information concerning securities sold under agreements to repurchase was as follows:

	2019			2018			2017
Outstanding balance at year end	$	18,674		$	22,199		$	21,755
Average balance during the year		18,321			18,456			18,234
Average interest rate during the year		0.10	%		0.10	%		0.10	%
Maximum month-end balance during the year	$	21,970		$	22,199		$	23,889
Weighted average interest rate at year end		0.10	%		0.10	%		0.10	%