CASH 2018 Annual Report

143 NOTE 9. SHORT TERM DEBT AND LONG TERM DEBT Short Term Debt September 30, 2018 2017 Overnight federal funds purchased $ 422,000 $ 987,000 Short-term FHLB advances — 415,000 Short-term capital lease 65 62 Repurchase agreements 3,694 2,472 Total 425,759 1,404,534 T he Company had $422.0 million of overnight federal funds purchased from the FHLB at September 30, 2018 as compared to $987.0 million at September 30, 2017. At September 30, 2018, the Company had no short-term advances from the FHLB as compared to $415.0 million at September 30, 2017. The Bank has executed blanket pledge agreements whereby the Bank assigns, transfers, and pledges to the FHLB and grants to the FHLB a security interest in real estate and securities collateral. The Bank has the right to use, commingle, and dispose of the collateral it has assigned to the FHLB. Under the agreement, the Bank must maintain “eligible collateral” that has a “lending value” at least equal to the “required collateral amount,” all as defined by the agreement. At fiscal year-end 2018 and 2017, the Bank pledged securities with fair values of approximately $1.06 billion and $1.07 billion, respectively, against specific FHLB advances. In addition, qualifying real estate loans of approximately $756.0 million, and $628.0 million were pledged as collateral at September 30, 2018, and 2017, respectively. As of September 30, 2018, the Company was the lessee on three capital leases, two equipment leases and one property lease. At September 30, 2018, the portion of the liability expected to be expensed and amortized over the next 12 months is approximately $64,818. Securities sold under agreements to repurchase totaled approximately $3.7 million and $2.5 million at September 30, 2018, and 2017, respectively. An analysis of securities sold under agreements to repurchase at September 30, 2018 and 2017 follows: September 30, 2018 2017 (Dollars in Thousands) Highest month-end balance $ 3,740 $ 3,782 Average balance 2,557 2,225 Weighted average interest rate for the year 2.05% 0.98% Weighted average interest rate at year end 2.48% 1.59% The Company pledged securities with fair values of approximately $13.9 million at September 30, 2018, as collateral for securities sold under agreements to repurchase. There were $9.3 million of securities pledged as collateral for securities sold under agreements to repurchase at September 30, 2017. The Company has a line of credit with another financial institution for $25.0 million as of September 30, 2018. This line of credit has no fee, and, as of September 30, 2018, the Company had not drawn on it.