NOTE 11. BORROWINGS

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.

The following table summarizes certain information on short-term borrowings for the years ended December 31, 2018 and 2017.


	2018				2017
(Dollars in thousands)	Amount		Rate		Amount		Rate
Average for the Year
Repurchase agreements	$	3,341	1.09	%	$	3,324	0.49	%
FHLB Advances		73,970	2.16			1,183	1.20
Overnight Fed Funds purchased		-	-			18	1.84

At Year End
Repurchase agreements	$	823	1.87	%	$	6,072	0.78	%
FHLB Advances		59,989	2.63			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 Bank had $15.0 million in federal funds lines of credit and a reverse repurchase agreement available on a short-term basis from correspondent banks at December 31, 2018 and 2017. In addition, the Bank had secured credit availability of approximately $154.7 million and $205.6 million from the Federal Home Loan Bank at December 31, 2018 and 2017, respectively. These lines of credit are paid for monthly on a fee basis of 0.08%. The Bank has pledged as collateral, under a blanket lien, all qualifying residential loans under borrowing agreements with the Federal Home Loan Bank. The Bank had short-term borrowings of $60.0 million from the Federal Home Loan Bank at December 31, 2018 and $15.7 million at December 31, 2017. At December 31, 2018, the Bank had $15.0 million of fixed rate long-term borrowings from the Federal Home Loan Bank, which carry an interest rate of 2.82% and mature in April 2020.