SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

12 Months Ended

Dec. 31, 2024

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 $31,075 and $25,172 as of December 31, 2024 and 2023, 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:

	2024			2023
Average balance during the year	$	37,386		$	20,635
Average interest rate during the year		2.37	%		1.27	%
Maximum month-end balance during the year	$	44,723		$	31,644
Weighted average interest rate at year-end		1.93	%		2.12	%