Note 11 – Other borrowings

Other borrowings consisted of the following as of or for the years ended December 31, 2018 and 2017:


	As of or for the Years Ended December 31,
Short Term:	2018	2017
Federal funds purchased
Balance at end of year	$ -	$ -
Maximum month-end outstanding balance	-	-
Average outstanding balance during the year	1	1
Average interest rate during the year	0.00%	0.00%
Average interest rate at end of year	N/A	N/A

Reverse repurchase agreements
Balance at end of year	$ -	$ -
Maximum month-end outstanding balance	-	5,000
Average outstanding balance during the year	-	795
Average interest rate during the year	0.00%	1.76%
Average interest rate at end of year	N/A	N/A

Short-term borrowings may consist of securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold. Short-term borrowings may also include Federal funds purchased, which are unsecured overnight borrowings from other financial institutions.

Unsecured federal fund lines and their respective limits are maintained with the following institutions: Community Bankers’ Bank, $13,000, Zions Bank, $4,000, PNC Bank, $6,000 and Suntrust Bank, $3,000. In addition, the Bank maintains a $5,000 reverse repurchase agreement with Suntrust whereby securities may be pledged as collateral in exchange for funds for a minimum of 30 days with a maximum of 90 days. The Bank also maintains a secured federal funds line with Community Bankers’ Bank whereby it may pledge securities as collateral with no specified minimum or maximum amount or term. The current amount available on the secured line based on the securities currently pledged is $9,757.

The Bank is also a member of the Federal Home Loan Bank of Atlanta (“FHLBA”). The Bank’s available credit through the FHLBA was $166,858 as of December 31, 2018, the most recent calculation. The Bank must pledge collateral in order to access the FHLBA available credit. Currently the Bank has pledged to the FHLBA

approximately $47,400 in 1-4 family residential mortgages which, after adjustments for the loan-to-value requirements by the FHLBA, would allow the Bank to access up to $31,059 in credit without pledging any additional collateral.

As of December 31, 2018, and 2017 there are no outstanding balances on any of the credit facilities mentioned above.