Short-Term Borrowed Funds

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Short-Term Borrowed Funds

7. SHORT-TERM BORROWED FUNDS

Federal funds purchased generally mature within one to four days. On December 31, 2019, the Corporation did not have any federal funds purchased. The Corporation had approximately $108,000,000 in unused federal funds and FHLB accommodations at December 31, 2019. The Corporation maintains a line of credit with the Federal Reserve Bank’s Discount Window. The maximum amount that can be borrowed is dependent upon the amount of unpledged securities held by the Corporation as the amount of borrowings must be fully secured.

Other short-term borrowed funds consist of FHLB advances of $5,814,286 with interest at 1.78% as of December 31, 2019, and $10,457,143 with interest at 1.92% as of December 31, 2018. $2.214 million and $4.457 million of short-term borrowings are short-term portions of long-term principal reducing Federal Home Loan Bank advances as of December 31, 2019 and 2018, respectively.

Information concerning federal funds purchased and FHLB short-term advances are summarized as follows:

	2019			2018
Average balance during the year	$	6,545,280		$	17,305,184
Average interest rate during the year		1.89	%		2.29	%
Maximum month-end balance during the year	$	12,802,381		$	20,971,429