Securities Sold under Agreements to Repurchase

12 Months Ended

Dec. 31, 2018

Securities Sold under Agreements to Repurchase [Abstract]

Securities Sold under Agreements to Repurchase

Note 10 – Securities Sold under Agreements to Repurchase

The Company has entered into agreements under which it has sold securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. The obligation to repurchase the securities is reflected as a liability in the Company’s consolidated statement of condition, while the securities underlying the securities sold under agreements to repurchase remain in the respective asset accounts and are delivered to and held as collateral by third party trustees.

Repurchase agreements are secured borrowings. The Company pledges investment securities to secure those borrowings. Information concerning repurchase agreements is summarized as follows (dollars in thousands):

	2018		2017			2016
Average daily balance during the year	$	-	$	6,781		$	15,000
Average interest rate during the year				5.95	%		5.95	%
Maximum month-end balance during the year	$	-	$	15,000		$	15,000
Weighted average interest rate during the year		-		5.95	%		5.95	%