SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

12 Months Ended

Dec. 31, 2023

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

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

NOTE 18 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase were $25,172 and $7,221 as of December 31, 2023 and 2022, 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:

	2023			2022
Average balance during the year	$	20,635		$	8,596
Average interest rate during the year		1.27	%		0.42	%
Maximum month-end balance during the year	$	31,644		$	12,118
Weighted average interest rate at year-end		2.12	%		0.44	%