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Short-Term Borrowings

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

SHORT-TERM BORROWINGS

NOTE 10 – SHORT-TERM BORROWINGS

($ in thousands)		September 30, 2021				December 31, 2020
Securities sold under repurchase agreements		$	20,771			$	20,189
Totals		$	20,771			$	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 (“FHLB”). These securities have various maturity dates from 2022 through 2051. As of September 30, 2021, these repurchase agreements were secured by securities totaling $25.2 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 September 30, 2021, there was no collateral pledged or borrowings drawn at the Discount Window.

At September 30, 2021 and December 31, 2020, the Company had $41.0 million in federal funds lines, of which none was drawn.

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- References

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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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