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Short-term Borrowings
12 Months Ended
Dec. 31, 2018
Short-term Debt:  
Short-term Debt Text Block

NOTE 9: SHORT-TERM BORROWINGS

At December 31, 2018 and 2017, the composition of short-term borrowings is presented below.

20182017
WeightedWeighted
(Dollars in thousands)AmountAvg. RateAmountAvg. Rate
Federal funds purchased:
As of December 31$$
Average during the year22.50%92.01%
Maximum outstanding at
any month-end
Securities sold under
agreements to repurchase:
As of December 31$2,3000.50%$2,6580.50%
Average during the year2,6320.50%3,4670.52%
Maximum outstanding at
any month-end3,2414,152

Federal funds purchased represent unsecured overnight borrowings from other financial institutions by the Bank. The Bank had available federal fund lines totaling $41.0 million with none outstanding at December 31, 2018.

Securities sold under agreements to repurchase represent short-term borrowings with maturities less than one year collateralized by a portion of the Company’s securities portfolio. Securities with an aggregate carrying value of $5.6 million and $5.8 million at December 31, 2018 and 2017, respectively, were pledged to secure securities sold under agreements to repurchase.