SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

12 Months Ended

Dec. 31, 2020

Federal Funds Purchased And Securities Sold Under Agreements To Repurchase [Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

NOTE 20 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase are secured by mortgage backed securities and collateralized mortgage obligations with a market value of $15,631 as of December 31, 2020 and collateralized mortgage obligations with a market value of $11,100 as of December 31, 2019, respectively.

Securities sold under agreements to repurchase are financing arrangements that mature within two years. At maturity, the securities underlying the agreements are returned to the Company. Information concerning securities sold under agreements to repurchase is summarized as follows as of December 31:

	2020			2019
Average balance during the year	$	18,115		$	10,901
Average interest rate during the year		0.18	%		0.50	%
Maximum month-end balance during the year	$	21,400		$	11,542
Weighted average interest rate at year-end		0.19	%		0.31	%