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SHORT-TERM BORROWINGS
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS
 
Short-term borrowings consist of securities sold under agreements to repurchase and primarily FHLB advances, which generally represent overnight or less than six month borrowings.  In addition to the outstanding balances noted below, the Banks also have additional lines of credit totaling $57,000,000 available from correspondent banks other than the FHLB.  The outstanding balances and related information for short-term borrowings are summarized as follows at December 31, 2018, 2017, and 2016:
(In Thousands)
 
2018
 
2017
 
2016
Repurchase Agreements:
 
 

 
 

 
 

Balance at year end
 
$
5,662

 
$
7,878

 
$
13,241

Maximum amount outstanding at any month end
 
8,431

 
13,782

 
17,827

Average balance outstanding during the year
 
7,043

 
10,425

 
15,394

Weighted-average interest rate:
 
 

 
 

 
 

At year end
 
0.20
%
 
0.13
%
 
0.16
%
Paid during the year
 
0.13
%
 
0.14
%
 
0.18
%
Overnight:
 
 

 
 

 
 

Balance at year end
 
$
162,203

 
$
92,870

 
$

Maximum amount outstanding at any month end
 
162,203

 
92,870

 
24,346

Average balance outstanding during the year
 
78,043

 
15,559

 
3,124

Weighted-average interest rate:
 
 

 
 

 
 

At year end
 
2.62
%
 
1.54
%
 
%
Paid during the year
 
2.24
%
 
1.41
%
 
0.57
%

 
We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and to facilitate secured short-term funding needs. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. We monitor collateral levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents.The remaining contractual maturity of repurchase agreements in the consolidated balance sheets as of December 31, 2018 and December 31, 2017 is presented in the following tables.
 
 
2018
 
2017
 
 
Remaining Contractual Maturity of the Agreements
(In Thousands)
 
Overnight and Continuous
 
Overnight and Continuous
Repurchase Agreements:
 
 
 
 
Mortgage-backed securities
 
$
778

 
$
1,898

State and political securities
 
1,003

 
6,894

Other debt securities
 
6,599

 
8,662

Total carrying value of collateral pledged
 
$
8,380

 
$
17,454

 
 
 
 
 
Total liability recognized for repurchase agreements
 
$
5,662

 
$
7,878