Note 7: Borrowings

At December 31, advances from the Federal Home Loan Bank were as follows:


	2019		2018
	(In thousands)
Maturities March 2019 through August 2025, primarily at fixed rates ranging from 4.64% to 6.65%, averaging 5.29%	$	—	$	106
Cash Management Advances maturities from January 2020 to March 2020 at floating rates averaging 1.73%		39,800		––
	$	39,800	$	106

At December 31, 2019 and 2018, as a member of the Federal Home Loan Bank system the Bank had the ability to obtain up to $119.0 million and $117.6 million, respectively, in additional borrowings based on securities and certain loans pledged to the FHLB. At December 31, 2019 and 2018, the Bank had approximately $79.7 million and $113.3 million, respectively of one- to four-family residential real estate and commercial real estate loans pledged as collateral for borrowings. Also at December 31, 2019 and 2018, the Company and the Bank have cash management lines of credit with various correspondent banks (excluding FHLB cash management lines of credit) enabling additional borrowings of up to $18.0 million.

Securities sold under repurchase agreements were approximately $6.9 million and $8.1 million at December 31, 2019 and 2018.

Securities sold under agreements to repurchase are financing arrangements whereby the Company sells securities and agrees to repurchase the identical securities at the maturities of the agreements at specified prices. Physical control is maintained for all securities sold under repurchase agreements. Information concerning securities sold under agreements to repurchase is summarized as follows:


	2019			2018
	(Dollars in thousands)

Balance outstanding at year end	$	6,915		$	8,068
Average daily balance during the year	$	9,272		$	12,874
Average interest rate during the year		1.37	%		1.06	%
Maximum month-end balance during the year	$	13,441		$	16,161
Weighted-average interest rate at year end		1.40	%		1.13	%

All repurchase agreements are subject to term and conditions of repurchase/security agreements between the Company and the customer and are accounted for as secured borrowings. The Company’s repurchase agreements reflected in short-term borrowings consist of customer accounts and securities which are pledged on an individual security basis.

The following table presents the Company’s repurchase agreements accounted for as secured borrowings:

Remaining Contractual Maturity of the Agreement


	(In thousands)
	Overnight and						Greater than 90
December 31, 2019	Continuous		Up to 30 Days		30‑90 Days		Days		Total

Repurchase Agreements
U.S government agencies	$	6,915	$	––	$	––	$	––	$	6,915
Total	$	6,915	$	—	$	—	$	—	$	6,915


	(In thousands)
	Overnight and						Greater than 90
December 31, 2018	Continuous		Up to 30 Days		30‑90 Days		Days		Total

Repurchase Agreements
U.S government agencies	$	8,068	$	––	$	––	$	––	$	8,068
Total	$	8,068	$	—	$	—	$	—	$	8,068

Securities with an approximate carrying value of $9.4 million and $18.3 million at December 31, 2019 and 2018, respectively, were pledged as collateral for repurchase borrowings.