Federal Funds Purchased and Securities Sold Under Agreement to Repurchase

12 Months Ended

Dec. 31, 2023

Broker-Dealer [Abstract]

Federal Funds Purchased and Securities Sold Under Agreement to Repurchase

Note 9 – Federal Funds Purchased and Securities Sold Under Agreement to Repurchase

The Bank’s policy requires qualifying securities to be used as collateral for the underlying repurchase agreements. As of December 31, 2023 and 2022, securities with a fair value of $42.6 million and $43.6 million, respectively, were pledged to secure the repurchase agreements. The table below presents the daily securities sold under agreement to repurchase and the term repurchase agreements. It does not include the Bank’s federal funds purchased.

	Daily Securities Sold Under Agreement to Repurchase
	Amount		Weighted			Maximum Amount		Approximate		Approximate
	Outstanding		Average			Borrowings		Average		Weighted Average
	at End		Rate End			Outstanding		Outstanding in		Interest Rate
	of Period (000's)		of Period			Month End (000's)		Period (000's)		For the Period
2023	$	-		0.00	%	$	1,694	$	1,176		1.19	%
2022	$	1,115		0.95	%	$	1,450	$	1,169		0.43	%

	Term CD's Sold Under Agreement to Repurchase
	Amount		Weighted			Maximum Amount		Approximate		Approximate
	Outstanding		Average			Borrowings		Average		Weighted Average
	at End		Rate End			Outstanding		Outstanding in		Interest Rate
	of Period (000's)		of Period			Month End (000's)		Period (000's)		For the Period
2023	$	28,218		0.98	%	$	28,968	$	28,918		3.97	%
2022	$	30,518		0.97	%	$	34,504	$	31,573		2.54	%

The Company had no federal funds purchased as of December 31, 2023 and $22.6 million federal funds purchased as of December 31, 2022. The $28.2 million in Securities Sold Under Agreements to Repurchase were comprised of U.S. Treasuries and government agency securities. The table below shows the remaining contractual maturity in the repurchase agreements and the collateral pledged as of December 31, 2023.

	December 31, 2023
	Remaining Contractual Maturity of the Agreements
	Overnight & Continuous		Up to 30 days		30-90 days		Greater Than 90 days		Total
Federal funds purchased	$	-	$	-	$	-	$	-	$	-
Repurchase agreements
US Treasury & agency securities		-		-		-		28,218		28,218
Total	$	-	$	-	$	-	$	28,218	$	28,218