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BORROWED FUNDS AND REPURCHASE AGREEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2019
BORROWED FUNDS AND REPURCHASE AGREEMENTS [Abstract] |
Borrowed Funds | The following table shows the breakdown of borrowed funds as of December 31, 2019 and 2018 (dollars in thousands):
|  | Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Sold Under |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Total |
|  | Agreements to |  |  | FHLB |  |  | Federal Funds |  |  | FRB |  |  | Notes |  |  | Term |  |  | Borrowed |
|  | Repurchase(a) |  |  | Advances(b) |  |  | Lines (c) |  |  | BIC Line (d) |  |  | Payable(e) |  |  | Loans(f) |  |  | Funds |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31 |  | $ | 11,298 |  |  | $ | 24,794 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,500 |  |  | $ | 41,525 |  |  | $ | 85,117 |
Highest balance at any month-end |  |  | 16,161 |  |  |  | 82,779 |  |  |  | - |  |  |  | - |  |  |  | 7,500 |  |  |  | 41,525 |  |  |  | 147,965 |
Average balance |  |  | 13,644 |  |  |  | 69,477 |  |  |  | 3 |  |  |  | 7 |  |  |  | 7,500 |  |  |  | 18,410 |  |  |  | 109,041 |
Weighted average interest rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid during the year |  |  | 1.98 | % |  |  | 2.46 | % |  |  | 2.67 | % |  |  | 2.49 | % |  |  | 5.32 | % |  |  | 2.40 | % |  |  | 2.59 | %
As of year-end |  |  | 1.45 | % |  |  | 1.81 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 4.70 | % |  |  | 2.08 | % |  |  | 2.15 | %
2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31 |  | $ | 17,983 |  |  | $ | 52,186 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,500 |  |  | $ | 13,525 |  |  | $ | 91,194 |
Highest balance at any month-end |  |  | 17,983 |  |  |  | 114,817 |  |  |  | - |  |  |  | - |  |  |  | 7,500 |  |  |  | 14,525 |  |  |  | 154,825 |
Average balance |  |  | 15,226 |  |  |  | 81,123 |  |  |  | - |  |  |  | 12 |  |  |  | 7,500 |  |  |  | 14,051 |  |  |  | 117,912 |
Weighted average interest rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Paid during the year |  |  | 1.77 | % |  |  | 2.06 | % |  |  | 2.38 | % |  |  | 2.47 | % |  |  | 5.03 | % |  |  | 2.44 | % |  |  | 2.26 | %
As of year-end |  |  | 2.19 | % |  |  | 2.62 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 5.56 | % |  |  | 2.40 | % |  |  | 2.74 | %
Remaining Contractual Maturity of Repurchase Agreements | The collateral pledged on the repurchase agreements by the remaining contractual maturity of the repurchase agreements in the Consolidated Balance Sheets as of December 31 and is presented in the following tables (in thousands).
|  | Remaining Contractual Maturity of the Agreements |
|  | Overnight and |  |  | Up to |  |  |  |  |  | Greater than |  |  |  |
2019 |  | Continuous |  |  | 30 Days |  |  | 30 - 90 Days |  |  | 90 days |  |  | Total |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 15,964 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 15,964 |
Total carrying value of collateral pledged |  | $ | 15,964 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 15,964 |
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,298 |
|  | Remaining Contractual Maturity of the Agreements |
|  | Overnight and |  |  | Up to |  |  |  |  |  | Greater than |  |  |  |
2018 |  | Continuous |  |  | 30 Days |  |  | 30 - 90 Days |  |  | 90 days |  |  | Total |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. agency securities |  | $ | 18,970 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,008 |  |  | $ | 20,978 |
Total carrying value of collateral pledged |  | $ | 18,970 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,008 |  |  | $ | 20,978 |
Total liability recognized for repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 17,983 |
Federal Home Loan Bank Loans by Branch |
|  |  |  |  | December 31, |  |  | December 31, |
Interest Rate |  |  | Maturity |  | 2019 |  |  | 2018 |
Fixed: |  |  |  |  |  |  |  |  |
| 1.87 | % |  | February 4, 2019 |  |  | - |  |  |  | 2,000 |
| 1.84 | % |  | January 13, 2020 |  |  | 20,000 |  |  |  | - |
| 2.61 | % |  | February 3, 2021 |  |  | 2,000 |  |  |  | 2,000 |
| 3.52 | % |  | July 12, 2021 |  |  | 2,000 |  |  |  | 2,000 |
| 2.37 | % |  | August 20, 2021 |  |  | 2,800 |  |  |  | 2,800 |
| 2.08 | % |  | January 6, 2022 |  |  | 4,725 |  |  |  | 4,725 |
| 2.46 | % |  | March 28, 2024 |  |  | 5,000 |  |  |  | - |
| 1.69 | % |  | August 20, 2024 |  |  | 5,000 |  |  |  | - |
Total term loans |  |  |  | $ | 41,525 |  |  | $ | 13,525
Maturities of Borrowed Funds | Following are maturities of borrowed funds as of December 31, 2019 (in thousands):
2020 |  | $ | 63,592 |
2021 |  |  | 6,800 |
2022 |  |  | 4,725 |
2023 |  |  | - |
2024 |  |  | 10,000 |
Thereafter |  |  | - |
Total borrowed funds |  | $ | 85,117 |

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