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Short-Term Borrowings

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Short-term Debt [Text Block]

NOTE 8 – SHORT-TERM BORROWINGS

($ in thousands)		March 31, 2020				December 31, 2019
Securities Sold Under Repurchase Agreements		$	16,881			$	12,945
Federal Reserve Disount Window			20,000				-
Totals		$	36,881			$	12,945

The Company has retail repurchase agreements to facilitate cash management transactions with commercial customers. These obligations are secured by agency and mortgage-backed securities and such collateral is held by the Federal Home Loan Bank. These securities have various maturity dates from 2022 through 2044. As of March 31, 2020, these repurchase agreements were secured by agency securities and mortgage-backed securities with corresponding liabilities of $10.4 million and $14.4 million, respectively. The repurchase agreements mature within one month.

The Company has borrowing capabilities at the Federal Reserve Discount Window by pledging either securities or loans as collateral. As of March 31, 2020, The Company borrowed $20.0 million for a maturity date of less than 30 days by pledging securities as collateral.

At March 31, 2020 and December 31, 2019, the Company had $41.0 million in federal funds lines, of which none were drawn.

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- References

No definition available.

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- Definition

The entire disclosure for short-term debt.

+ 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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