Borrowings

12 Months Ended

Dec. 31, 2023

Borrowings [Abstract]

Borrowings

(7) Borrowings

Short-term borrowings (repurchase agreements) of the Company were cash management accounts as follows:

(dollars in thousands)	2023			2022			2021
Amount outstanding at December 31,	$	88,990		$	122,700		$	244,686
Maximum amount outstanding at any month end		134,293			253,219			244,686
Average amount outstanding		114,639			177,599			232,815
Weighted average interest rate:
For the year		0.88	%		0.42	%		0.39	%
As of year end		0.86			0.86			0.37

Cash management accounts represent retail accounts with customers for which the Bank has pledged certain assets as collateral.

As of December 31, 2023 the Company also has borrowing capacity of $938.6 million available with the Federal Home Loan Bank of New York.  The borrowings capacity is secured by the loans pledged by the Company.  As of December 31, 2023 and 2022, the Company had no outstanding borrowings with the Federal Home Loan Bank of New York.