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SHORT-TERM BORROWINGS
 12 Months Ended
Dec. 31, 2017
SHORT-TERM BORROWINGS [Abstract]  
SHORT-TERM BORROWINGS



NOTE 11. SHORT-TERM BORROWINGS

 

The following table summarizes certain information on short-term borrowings for the years ended December 31, 2017 and 2016.

 





 

 

 

 

 

 

 

 

 

 

 

 



 

2017

 

2016

(Dollars in thousands)

 

Amount

 

Rate

 

Amount

 

Rate

Average for the Year

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase agreements

 

$

 3,324 

 

 0.49 

%

 

$

 5,753 

 

 0.24 

%

FHLB Advances

 

 

 1,183 

 

 1.20 

 

 

 

 -

 

 -

 

Overnight Fed Funds purchased

 

 

 18 

 

 1.84 

 

 

 

 -

 

 -

 



 

 

 

 

 

 

 

 

 

 

 

 

At Year End

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase agreements

 

$

 6,072 

 

 0.78 

%

 

$

 3,203 

 

 0.25 

%

FHLB Advances

 

 

 15,662 

 

 1.63 

 

 

 

 -

 

 -

 

Overnight Fed Funds purchased

 

 

 -

 

 -

 

 

 

 -

 

 -

 

 

Securities sold under agreements to repurchase are securities sold to customers, at the customers’ request, under a “roll-over” contract that matures in one business day. The underlying securities sold are U.S. Government agency securities, which are segregated in the Company’s custodial accounts from other investment securities.

 

The Company may periodically borrow from a correspondent federal funds line of credit arrangement, under a secured reverse repurchase agreement, or from the Federal Home Loan Bank to meet short-term liquidity needs.