Note 8. Short-Term Borrowings

12 Months Ended

Dec. 31, 2015

Disclosure Text Block [Abstract]

Short-term Debt [Text Block]

Note 8.     Short-Term Borrowings

Short-term borrowings as of December 31, 2015 and 2014 are summarized as follows:

	2015		2014
Overnight repurchase agreements with customers	$	73,872,716	$	137,251,670
Federal funds purchased		70,790,000		131,100,000
	$	144,662,716	$	268,351,670

The Company’s overnight repurchase agreements with customers are collateralized by investment securities with carrying values as follows:

	2015		2014
U.S. govt. sponsored agency securities	$	29,499,803	$	68,430,410
Residential mortgage-backed and related securities		65,888,911		96,930,017
Total securities pledged to overnight customer repurchase agreements	$	95,388,714	$	165,360,427
Less: overcollateralized position		21,515,998		28,108,757
	$	73,872,716	$	137,251,670

Inherent in the overnight purchase agreements is a risk that the fair value of the collateral pledged on the agreements could decline below the amount obligated under our customer repurchase agreements. The Company considers this risk minimal. The Company monitors balances daily to ensure that collateral is sufficient to meet obligations. Additionally, the Company maintains an overcollateralized position that is sufficient to cover any minor interest rate movements.

The securities underlying the agreements as of December 31, 2015 and 2014 were under the Company's control in safekeeping at third-party financial institutions.

Information concerning overnight repurchase agreements with customers is summarized as follows as of December 31, 2015 and 2014:

	2015			2014
Average daily balance during the period	$	121,186,231		$	128,818,152
Average daily interest rate during the period		0.11	%		0.12	%
Maximum month-end balance during the period	$	159,407,193		$	147,623,624
Weighted average rate as of end of period		0.11	%		0.11	%

Information concerning federal funds purchased is summarized as follows as of December 31, 2015 and 2014:

	2015			2014
Average daily balance during the period	$	32,826,489		$	33,876,815
Average daily interest rate during the period		0.41	%		0.40	%
Maximum month-end balance during the period	$	126,220,000		$	131,100,000
Weighted average rate as of end of period		0.57	%		0.51	%