FEDERAL FUNDS PURCHASES AND REPURCHASE AGREEMENTS

12 Months Ended

Dec. 31, 2019

Brokers and Dealers [Abstract]

FEDERAL FUNDS PURCHASES AND REPURCHASE AGREEMENTS

NOTE 10 - FEDERAL FUNDS PURCHASED AND REPURCHASE AGREEMENTS

As of December 31, 2019 and 2018, the Bank had federal funds lines (or the equivalent thereof) with correspondent banks totaling $217,500 and $217,500, respectively. There was $0 in outstanding federal funds purchased at December 31, 2019 and 2018.

The Bank enters into borrowing arrangements with our retail business customers and correspondent banks through agreements to repurchase (“securities sold under agreements to repurchase”) under which the bank pledges investment securities owned and under its control as collateral against these short-term borrowing arrangements. At maturity the securities underlying the agreements are returned to the Company. At December 31, 2019 and 2018, there were no repurchase agreements and no securities pledged to secure repurchase agreements.

Information concerning securities sold under agreements to repurchase is summarized as follows:

	2019			2018			2017
Average daily balance during the year	$	—		$	11,302		$	32,428
Average interest rate during the year	—		%	1.29		%	0.85		%
Maximum month-end balance during the year	$	—		$	36,071		$	33,989
Weighted average interest rate at year end	—		%	—		%	1.14		%