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Short-Term Borrowings

12 Months Ended

Dec. 31, 2020

Note 12: Short-Term Borrowings

($ in thousands)		2020				2019
Securities Sold Under Repurchase Agreements		$	20,189			$	12,945

The Company has retail repurchase agreements to facilitate cash management transactions with commercial customers. Securing these obligations are agency securities of $10.7 million and $4.5 million for 2020 and 2019, respectively, and mortgage-backed securities of $17.5 million and $15.0 million for 2020 and 2019, respectively, which are held at FHLB. This collateral has maturities from 2022 through 2061. At December 31, 2020, these repurchase agreements totaled $20.2 million. The maximum amount of outstanding agreements at any month end during 2020 and 2019 totaled $25.6 million and $22.7 million, respectively, and the monthly average of such agreements totaled $20.8 million and $15.3 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 December 31, 2020, there was no collateral pledged or borrowings drawn at the Discount Window.

The Company participated in the PPP initiative and also has the ability to borrow from the Federal Reserve’s special purpose Paycheck Protection Program Liquidity Facility (“PPPLF”) for additional funding. At December 31, 2020, the Company had no borrowings from the PPPLF.

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