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Securities Sold Under Agreements to Repurchase and Federal Funds Purchased
 12 Months Ended
Dec. 31, 2022
Carrying Value of Federal Funds Purchased, Securities Sold under Agreements to Repurchase, and Deposits Received for Securities Loaned [Abstract]  
Securities Sold Under Agreements to Repurchase and Federal Funds Purchased Securities Sold Under Agreements to Repurchase and Federal Funds Purchased
 
Information regarding securities sold under agreements to repurchase and Federal funds purchased is detailed in the following tables for the years ended December 31:
 
Securities Sold Under Agreements to Repurchase
(In thousands)202220212020
Total outstanding at December 31$56,278 $66,787 $65,845 
Maximum month-end balance67,810 78,420 72,883 
Average balance during the year57,126 58,627 55,973 
Weighted average rate at December 310.10 %0.10 %0.11 %
Average interest rate paid during the year0.10 %0.11 %0.17 %
Federal Funds Purchased
Average balance during the year0 0 0 
Weighted average rate at December 31N/AN/AN/A
Average interest rate paid during the year0.00 %0.00 %0.00 %
 
Securities sold under agreements to repurchase ("repurchase agreements") are secured borrowings that typically mature within thirty to ninety days, although the Company has, at times, entered into repurchase agreements with the Federal Home Loan Bank ("FHLB") with longer maturities. The Company uses both retail and wholesale repurchase agreements. Retail repurchase agreements are arrangements with local customers of the Company, in which the Company agrees to sell securities to the customer with an agreement to repurchase those securities at a specified later date. Retail repurchase agreements totaled $56.3 million at December 31, 2022. The Company had no outstanding wholesale repurchase agreements at December 31, 2022.

Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities.
 
Federal funds purchased are short-term borrowings that typically mature within one to ninety days.