BORROWED FUNDS AND REPURCHASE AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2020

BORROWED FUNDS AND REPURCHASE AGREEMENTS [Abstract]

Borrowed Funds

The following table shows the breakdown of borrowed funds as of December 31, 2020 and 2019 (dollars in thousands)

	Securities Sold Under Agreements to Repurchase(a)			FHLB Advances(b)			Federal Funds Lines (c)			FRB BIC Line (d)			Notes Payable(e)			Term Loans(f)			Total Borrowed Funds
2020
Balance at December 31	$	14,813		$	-		$	-		$	-		$	7,500		$	66,525		$	88,838
Highest balance at any month-end		14,813			67,106			-			-			7,500			79,022			168,441
Average balance		12,903			12,371			-			109			7,500			60,355			93,238
Weighted average interest rate:
Paid during the year		0.36	%		1.63	%		0.51	%		0.34	%		3.83	%		1.19	%		1.34	%
As of year-end		0.11	%		0.00	%		0.00	%		0.00	%		3.57	%		1.12	%		1.16	%
2019
Balance at December 31	$	11,298		$	24,794		$	-		$	-		$	7,500		$	41,525		$	85,117
Highest balance at any month-end		16,161			82,779			-			-			7,500			41,525			147,965
Average balance		13,644			69,477			3			7			7,500			18,410			109,041
Weighted average interest rate:
Paid during the year		1.98	%		2.46	%		2.67	%		2.49	%		5.32	%		2.40	%		2.59	%
As of year-end		1.45	%		1.81	%		0.00	%		0.00	%		4.70	%		2.08	%		2.15	%

Remaining Contractual Maturity of Repurchase Agreements

	Remaining Contractual Maturity of the Agreements
2020	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater than 90 days		Total
Repurchase Agreements:
U.S. agency securities	$	16,735	$	-	$	-	$	-	$	16,735
Total carrying value of collateral pledged	$	16,735	$	-	$	-	$	-	$	16,735
Total liability recognized for repurchase agreements									$	14,813

	Remaining Contractual Maturity of the Agreements
2019	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater than 90 days		Total
Repurchase Agreements:
U.S. agency securities	$	15,964	$	-	$	-	$	-	$	15,964
Total carrying value of collateral pledged	$	15,964	$	-	$	-	$	-	$	15,964
Total liability recognized for repurchase agreements									$	11,298

Federal Home Loan Bank Loans by Branch

Interest Rate			Maturity	December 31, 2020		December 31, 2019
Fixed:
	1.84	%	January 13, 2020		-		20,000
	0.38	%	January 4, 2021		25,000		-
	2.61	%	February 3, 2021		2,000		2,000
	3.52	%	July 12, 2021		2,000		2,000
	2.37	%	August 20, 2021		2,800		2,800
	0.25	%	July 9, 2021		15,000		-
	2.08	%	January 6, 2022		4,725		4,725
	2.46	%	March 28, 2024		5,000		5,000
	1.69	%	August 20, 2024		5,000		5,000
	1.24	%	March 3, 2025		5,000		-
Total term loans				$	66,525	$	41,525

Maturities of Borrowed Funds

Following are maturities of borrowed funds as of December 31, 2020 (in thousands):

2021	$	61,613
2022		4,725
2023		-
2024		10,000
2025		5,000
Thereafter		7,500
Total borrowed funds	$	88,838