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Short-term Borrowings
12 Months Ended
Dec. 31, 2020
Short-term Debt:  
Short-term Debt Text Block
NOTE 9:
 
SHORT-TERM BORROWINGS
 
At December 31, 2020 and 2019, the composition of short-term borrowings
 
is presented below.
2020
2019
Weighted
Weighted
(Dollars in thousands)
Amount
Avg. Rate
Amount
Avg. Rate
Federal funds purchased:
As of December 31
$
$
Average during the year
1
0.78
%
1
2.58
%
Maximum outstanding at
 
any month-end
Securities sold under
 
 
agreements to repurchase:
As of December 31
$
2,392
0.50
%
$
1,069
0.50
%
Average during the year
1,822
0.50
%
1,442
0.50
%
Maximum outstanding at
 
any month-end
2,496
2,261
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, 2020.
 
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 $
5.7
million and $
2.6
 
million at December 31, 2020 and 2019, respectively,
 
were pledged to secure securities sold under
agreements to repurchase.