Annual report pursuant to Section 13 and 15(d)

Note 8 - Federal Funds Purchased

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Note 8 - Federal Funds Purchased
12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Federal Funds Purchased [Text Block]
NOTE
8.
FEDERAL FUNDS PURCHASED
 
At
December 31, 2018,
the Company had
$288.7
million in federal funds purchased from its correspondent banks that are clients of its correspondent banking unit, compared to
$301.8
million at
December 31, 2017.
Rates paid on these funds were between
2.50%
and
2.65%
as of
December 31, 2018
and
1.55%
and
1.70%
as of
December 31, 2017.
 
At
December 31, 2018,
the Company had available lines of credit totaling approximately
$562.0
million with various financial institutions for borrowing on a short-term basis, with
no
amount outstanding. Available lines totaled approximately
$468.0
million at
December 31, 2017.
These lines are subject to annual renewals with varying interest rates.