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Short-term Borrowings

12 Months Ended

Dec. 31, 2017

Short-term Debt:

Short-term Debt Text Block

NOTE 10: SHORT-TERM BORROWINGS

At December 31, 2017 and 2016, the composition of short-term borrowings is presented below.

	2017						2016
				Weighted						Weighted
(Dollars in thousands)		Amount		Avg. Rate				Amount		Avg. Rate
Federal funds purchased:
As of December 31	$	—		—			$	—		—
Average during the year		9		2.01	%			14		1.21	%
Maximum outstanding at
any month-end		—						—
Securities sold under
agreements to repurchase:
As of December 31	$	2,658		0.50	%		$	3,366		0.50	%
Average during the year		3,467		0.52	%			2,969		0.50	%
Maximum outstanding at
any month-end		4,152						3,507

Federal funds purchased represent unsecured overnight borrowings from other financial institutions by the Bank. The Bank had available federal fund lines totaling $41.0 million with none outstanding at December 31, 2017.

Securities sold under agreements to repurchase represent short-term borrowings with maturities less than one year collateralized by a portion of the Company’s securities portfolio. Securities with an aggregate carrying value of $5.8 million and $6.0 million at December 31, 2017 and 2016, respectively, were pledged to secure securities sold under agreements to repurchase.

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- Definition

The entire disclosure for short-term debt.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.16)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.13)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

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