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REPURCHASE AGREEMENTS AND OTHER BORROWINGS
 12 Months Ended
Dec. 31, 2019
REPURCHASE AGREEMENTS.  
REPURCHASE AGREEMENTS AND OTHER BORROWINGS

NOTE 9 - REPURCHASE AGREEMENTS AND OTHER BORROWINGS

 

Securities sold under agreements to repurchase are secured by U.S. Government agency securities with a total carrying amount of $12.1 million and $13.9 million at year-end 2019 and 2018.

 

Repurchase agreements range in maturities from 1 day to 29 months.  The securities underlying the agreements are maintained in a third-party custodian’s account under a written custodial agreement.  Information concerning repurchase agreements for 2019 and 2018 is summarized as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

    

2019

    

2018

    

2017

 

Average daily balance during the year

 

$

6,996

 

$

9,313

 

$

21,989

 

Average interest rate during the year

 

 

0.53

%  

 

0.67

%  

 

0.47

%

Maximum month-end balance during the year

 

$

8,947

 

$

9,751

 

$

24,070

 

Weighted average interest rate at year end

 

 

0.50

%  

 

0.60

%  

 

0.52

%

 

On July 20, 2015, the Company borrowed $5 million which had an outstanding balance of $0 at December 31, 2019 and  $2.7 million at December 31, 2018. The term loan had a fixed interest rate of 5.02%, required quarterly principal and interest payments, matured July 20, 2025 and was collateralized by Kentucky Bank stock. The Company prepaid the outstanding balance of the loan in December 2019.