Short Term and Long Term Borrowings

12 Months Ended

Dec. 31, 2017

Short Term and Long Term Borrowings [Abstract]

Short Term and Long Term Borrowings

NOTE 9, Short Term and Long Term Borrowings

Short-Term Borrowings

The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Short-term borrowings sources consist of federal funds purchased, overnight repurchase agreements (which are secured transactions with customers that generally mature within one to four days), and advances from the FHLB.

The Company maintains federal funds lines with several correspondent banks to address short-term borrowing needs. At December 31, 2017 and December 31, 2016 the remaining credit available from these lines totaled $45.0 million and $55.0 million, respectively. The Company has a collateral dependent line of credit with the FHLB with remaining credit availability of $217.0 million and $270.0 million as of December 31, 2017 and December 31, 2016, respectively.

The following table presents total short-term borrowings as of the dates indicated (dollars in thousands):

	December 31, 2017			December 31, 2016
Federal funds purchased	$	10,000		$	-
Overnight repurchase agreements		20,693			18,704
Federal Home Loan Bank Advances		47,500			-
Total short-term borrowings	$	78,193		$	18,704
Maximum month-end outstanding balance	$	79,819		$	68,864
Average outstanding balance during the period	$	53,165		$	39,364
Average interest rate during the period		0.72	%		0.59	%
Average interest rate at end of period		1.27	%		0.10	%

Long-Term Borrowings

At December 31, 2017, the Company had the following long-term FHLB advances outstanding (dollars in thousands).

Long-term Type	Interest Rate			Maturity Date	Advance Amount
Fixed Rate Hybrid		1.54	%	2/28/2019	$	10,000
Fixed Rate Hybrid		1.90	%	11/15/2019		10,000
					$	20,000

There were no long-term borrowings at December 31, 2016.