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Short-term Borrowings

12 Months Ended

Dec. 31, 2019

Short-term Debt:

Short-term Debt Text Block

NOTE 9: SHORT-TERM BORROWINGS

At December 31, 2019 and 2018, the composition of short-term borrowings is presented below.

	2019						2018
				Weighted						Weighted
(Dollars in thousands)		Amount		Avg. Rate				Amount		Avg. Rate
Federal funds purchased:
As of December 31	$	—		—			$	—		—
Average during the year		1		2.58	%			2		2.50	%
Maximum outstanding at
any month-end		—						—
Securities sold under
agreements to repurchase:
As of December 31	$	1,069		0.50	%		$	2,300		0.50	%
Average during the year		1,442		0.50	%			2,632		0.50	%
Maximum outstanding at
any month-end		2,261						3,241

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, 2019.

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 $2.6 million and $5.6 million at December 31, 2019 and 2018, 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://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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