SHORT-TERM BORROWINGS

3 Months Ended

Mar. 31, 2020

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

Note 12 – Short-Term Borrowings

The following table presents the distribution of short-term borrowings and related weighted average interest rates as of March 31, 2020 and December 31, 2019:

	Repurchase Agreements
	March 31,			December 31,
(dollars in thousands)	2020			2019
Outstanding at period-end	$	43,578		$	82,029
Average amount outstanding		55,616			121,168
Maximum amount outstanding at any month end		52,013			138,907
Weighted average interest rate:
During period		0.73	%		0.69	%
End of period		0.20	%		0.67	%

Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction, which represents the amount of the Bank’s obligation. The Bank may be required to provide additional collateral based on the fair value of the underlying securities. Investment securities with a carrying amount of $46.6 million and $87.4 million at March 31, 2020 and December 31, 2019, respectively, were pledged for securities sold under agreements to repurchase.

The Company had available lines of credit of $17.7 million and $21.6 million at March 31, 2020 and December 31, 2019, respectively, from the Federal Reserve Discount Window. The lines are collateralized by a collateral agreement with respect to a pool of commercial real estate loans totaling $19.9 million and $24.3 million at March 31, 2020 and December 31, 2019, respectively. There were no outstanding borrowings at March 31, 2020 and December 31, 2019.

At March 31, 2020, the Company had available federal funds lines of credit totaling $20.0 million. These lines of credit were unused at March 31, 2020.