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Short-Term Borrowings

6 Months Ended

Jun. 30, 2020

NOTE 10 – SHORT-TERM BORROWINGS

($ in thousands)	June 30, 2020		December 31, 2019

Securities Sold Under Repurchase Agreements	$	23,826	$	12,945
Totals	$	23,826	$	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 June 30, 2020, these repurchase agreements were secured by agency securities and mortgage-backed securities with corresponding liabilities of $8.9 million and $15.4 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, which as of June 30, 2020 had none drawn. At June 30, 2020, the Company had $82.7 million in available collateral, of which none was pledged.

The Company participated in the Paycheck Protection Program (“PPP”) and has the ability to borrow from the Federal Reserve’s special purpose Paycheck Protection Program Liquidity Facility (“PPPLF”) for additional funding. At June 30, 2020 there were no borrowings from the PPPLF.

At June 30, 2020 and December 31, 2019, the Company had $41.0 million in federal funds lines, of which none were drawn.