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FEDERAL FUNDS PURCHASED AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 12 Months Ended
Dec. 31, 2020
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]  
FEDERAL FUNDS PURCHASED AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE FEDERAL FUNDS PURCHASED AND SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
 Federal Funds
Purchased		Securities Sold 
Under
Agreements to
Repurchase
 (In thousands)
2020
Outstanding at end of year$— $53,472 
Maximum outstanding at any month-end$145,000 $64,835 
Average balance for the year$5,464 $56,363 
Weighted average rate at end of year— %0.05 %
Weighted average rate paid for the year1.02 %0.15 %
2019
Outstanding at end of year$— $53,398 
Maximum outstanding at any month-end$230,000 $72,684 
Average balance for the year$87,901 $57,358 
Weighted average rate at end of year— %0.16 %
Weighted average rate paid for the year2.28 %0.17 %
The federal funds purchased generally mature overnight from the transaction date.
Repurchase agreements are generally linked to Commercial demand deposit accounts with an overnight sweep feature. In a repurchase agreement transaction, the Bank will generally sell an investment security, agreeing to repurchase either the same or a substantially identical security on a specified later date at a price slightly greater than the original sales price. The difference in the sale price and repurchase price is the cost of the use of the proceeds, or interest expense. Repurchase transactions are accounted for as financing arrangements rather than as sales of such securities, and the obligation to repurchase such securities is reflected as a liability in the Company’s Consolidated Balance Sheets. The securities underlying the agreements remain under the Company’s control. Investment securities with a fair value of $222.8 million and $262.6 million were pledged as collateral for the securities sold under agreements to repurchase at December 31, 2020 and 2019, respectively.
As of December 31, 2020 and 2019, the Bank had unused federal funds lines with correspondent banks of $400.0 million and $500.0 million, respectively.