11. SHORT-TERM DEBT

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

NOTE 11. SHORT-TERM DEBT

Short-term debt, all maturing within 12 months, information is summarized as follows:

	Maximum						Weighted
	Outstanding		Outstanding		Average		Average			Year End
	at any		at		Balance		Interest			Interest
	Month End		Year End		Outstanding		Rate			Rate
2015
Federal funds purchased	$	8,843,000	$	959,217	$	833,907		.02	%		.78	%
FHLB short term		45,000 ,000		20,000,000		26,739,726		.16	%		.19	%
Securities sold under agreements to repurchase		4,697,341		3,994,834		4,443,753		.04	%		.25	%
Totals			$	24,954,051	$	32,017,386		.21	%		.22	%
2014
Federal funds purchased	$	491,000	$	-	$	7,704		.001	%		.61	%
FHLB short term		10,000 ,000		10,000,000		27,397		.001	%		.17	%
Securities sold under agreements to repurchase		5,066,238		4,358,492		3,837,612		.23	%		.24	%
Totals			$	14,358,492	$	3,872,713		.23	%		.23	%

Repurchase agreements are secured transactions with customers and generally mature the day following the date sold. Federal funds purchased are unsecured overnight borrowings from other financial institutions. FHLB daily rate credit, which is secured by the loan portfolio, is a variable rate loan that acts as a line of credit to meet financing needs.

As of December 31, 2015, the Company had unsecured lines of credit with correspondent banks totaling $26,000,000, which may be used in the management of short-term liquidity.