Note 10 - Short-term Borrowings

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Short-Term Debt [Text Block]

Note 10 – Short-term Borrowings

Short-term borrowings consist of customer repurchase agreements, overnight borrowings from the FHLB, and federal funds purchased. The Company has federal funds lines of credit established with correspondent banks in the amount of $60 million and has access to the Federal Reserve Bank of Richmond's discount window. The Company has $220.8 million in collateral pledged to the Federal reserve discount window. Customer repurchase agreements are collateralized by securities of the U.S. Government, its agencies or GSEs. They mature daily. The interest rates are generally fixed but may be changed at the discretion of the Company. The securities underlying these agreements remain under the Company's control. FHLB overnight borrowings contain floating interest rates that may change daily at the discretion of the FHLB. Short-term borrowings consisted solely of the following at December 31, 2022 and 2021 (dollars in thousands):

	December 31, 2022					December 31, 2021
	Amount		Weighted Average Rate			Amount		Weighted Average Rate
Customer repurchase agreements	$	370		0.10	%	$	41,128		0.03	%
FHLB borrowings		100,531		4.42			—		—
Total short-term borrowings	$	100,901		4.40	%	$	41,128		0.03	%