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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY | Note 11—SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY Securities sold under agreements to repurchase generally mature within one to four days from the transaction date. The weighted average interest rate at December 31, 2019 and 2018 was 0.84% and 1.18%, respectively. The maximum month-end balance during 2019 and 2018 was $36.7 million and $33.4 million, respectively. The average outstanding balance during the years ended December 31, 2019 and 2018 amounted to $34.2 million and $27.0 million, respectively, with an average rate paid of 1.12% and 1.08%, respectively. Securities sold under agreements to repurchase are collateralized by securities with fair market values exceeding the total balance of the agreement. At December 31, 2019 and 2018, the Company had unused short-term lines of credit totaling $30.0 million.

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