SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2018

Short-term Debt [Abstract]

SHORT-TERM BORROWINGS

9. Short-Term Borrowings

Securities sold under agreements to repurchase with customers mature on demand. At December 31, 2018 and 2017, there were no securities sold under agreements to repurchase. There was no amount outstanding at any month-end during 2018 and 2017.

At December 31, 2018 and 2017, we had no outstanding federal funds purchased. We have a Borrower-In-Custody arrangement with the Federal Reserve. This arrangement permits the Company to retain possession of loans pledged as collateral to secure advances from the Federal Reserve Discount Window. Under this agreement, we may borrow up to $79.3 million. We established this arrangement as an additional source of liquidity. There have been no borrowings under this arrangement.

At December 31, 2018 and 2017, the Bank had unused short-term lines of credit totaling approximately $23.0 million (which are withdrawable at the lender’s option).