SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

12 Months Ended

Dec. 31, 2021

Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

NOTE 19 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase were $14,151 and $15,631 as of December 31, 2021 and 2020, respectively, and are secured by mortgage-backed securities and collateralized mortgage obligations.

Securities sold under agreements to repurchase are financing arrangements that mature within two years. At maturity, the securities underlying the agreements are returned to the Company. Information concerning securities sold under agreements to repurchase is summarized as follows as of December 31:

	2021			2020
Average balance during the year	$	14,812		$	18,115
Average interest rate during the year		0.11	%		0.18	%
Maximum month-end balance during the year	$	36,322		$	21,400
Weighted average interest rate at year-end		0.76	%		0.19	%