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BORROWED FUNDS AND REPURCHASE AGREEMENTS (Tables)

12 Months Ended

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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Tabular disclosure of advances by federal home loan bank by branch.

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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

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