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Short-Term Borrowings

3 Months Ended

Mar. 31, 2021

NOTE 10 – SHORT-TERM BORROWINGS

($ in thousands)	March 31, 2021		December 31, 2020

Securities Sold Under Repurchase Agreements	$	24,321	$	20,189
Totals	$	24,321	$	20,189

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 2061. As of March 31, 2021, these repurchase agreements were secured by securities totaling $32.2 million. 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, 2021, there was no collateral pledged or borrowings drawn at the Discount Window.

The Company participated in the Paycheck Protection Program (“PPP”) and, as a result, has the ability to borrow from the Federal Reserve’s special purpose Paycheck Protection Program Liquidity Facility (“PPPLF”) for additional funding. At March 31, 2021, there were no borrowings from the PPPLF.

At March 31, 2021 and December 31, 2020, the Company had $41.0 million in federal funds lines, of which none was drawn.