SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2019

Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS

10.         SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND SHORT-TERM BORROWINGS

Short-term borrowings can consist of FHLB of Atlanta overnight advances, FHLB advances maturing within one year, federal funds purchased and securities sold under agreements to repurchase (“repo”) that mature within one year, which are secured transactions with customers. The balance in repo accounts at December 31, 2019 and 2018 was $12.9 million and $18.7 million, respectively.

At December 31, 2019 and 2018, we have pledged callable agency securities, residential government-sponsored mortgage-backed securities and collateralized mortgage obligations with a carrying value of $22.0 million and $28.5 million, respectively, to customers who require collateral for overnight repurchase agreements and deposits.

Short-term borrowings consist of the following (in thousands):

	December 31,
	2019			2018
FHLB overnight advances	$	81,000		$	5,500
Short-term FHLB advances maturing 3/10/2020		40,640			—
Short-term FHLB advances maturing 6/27/2019		—			40,000
Short-term FHLB advances maturing 6/18/2019		—			27,200
Short-term FHLB advances maturing 6/12/2019		—			10,000
Short-term FHLB advances maturing 6/11/2019		—			80,640
Total FHLB advances		121,640			163,340
Securities sold under agreements to repurchase		12,883			18,721
Total	$	134,523		$	182,061
Weighted average interest rate at year end		1.75	%		2.68	%

Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances paid off earlier than maturity. Residential 1-4 family mortgage loans in the amount of approximately $376.3 million and $347.4 million were pledged as collateral for FHLB advances as of December 31, 2019 and 2018, respectively. HELOCs in the amount of approximately $46.9 million and $54.7 million were pledged as collateral for FHLB advances at December 31, 2019 and 2018, respectively. Commercial mortgage loans in the amount of approximately $76.6 million and $107.7 million were pledged as collateral for FHLB advances as of December 31, 2019 and 2018, respectively. Investment securities in the amount of $17.6 million and $25.3 million were pledged as collateral for FHLB advances at December 31, 2019 and 2018, respectively. At December 31, 2019, Sonabank had available collateral to borrow an additional $554.3 million from the FHLB.