Short-Term Borrowings

12 Months Ended

Dec. 31, 2023

Short-Term Debt [Abstract]

Short-Term Borrowings

(9) SHORT-TERM BORROWINGS

The following is a summary of short-term borrowings:

	December 31,
	2023			2022
	(Dollars in thousands)
Federal funds purchased	$	2,525		$	300
Repurchase agreements		826			—
Total short-term borrowings	$	3,351		$	300
Weighted average interest rate		4.84	%		1.39	%
End of period interest rate		4.06	%		4.30	%

Federal funds purchased represent borrowings of overnight funds from other financial institutions.

The Company enters into sales of securities to certain of its customers with simultaneous agreements to repurchase. These agreements represent an overnight borrowing of funds.