Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2022

Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

Information relating to federal funds purchased and repurchase agreements is as follows:

(in thousands)	Year End Weighted Rate		Average Weighted Rate		Average Balance Outstanding		Maximum Outstanding at any Month End		Balance at December 31,
2022
Federal funds purchased	4.71	%	3.82	%	$	32	$	—	$	—
Short-term repurchase agreements - Bank	1.47		0.63		7,950		22,048		5,187
Total					$	7,982	$	22,048	$	5,187
2021
Federal funds purchased	0.43	%	0.34	%	$	1	$	—	$	—
Short-term repurchase agreements - Bank	0.27		0.25		34,448		55,942		23,829
Total					$	34,449	$	55,942	$	23,829

The securities underlying the agreements to repurchase are under the control of the Bank. All securities sold under agreements to repurchase are secured by a portion of the Bank's investment portfolio. Under agreements with unaffiliated banks, the Bank may borrow federal funds up to $60.0 million on an unsecured basis and $8.1 million on a secured basis at December 31, 2022.

The Company offers a sweep account program whereby amounts in excess of an established limit are “swept” from the customer's demand deposit account on a daily basis into retail repurchase agreements pursuant to individual repurchase agreements between the Company and its customers. Repurchase agreements are agreements to sell securities subject to an obligation to repurchase the same or similar securities. They are accounted for as collateralized financing transactions, not as sales and purchases of the securities portfolio. The securities collateral pledged for the repurchase agreements with customers is maintained by a designated third party custodian. The collateral amounts pledged to repurchase agreements by remaining maturity in the table below are limited to the outstanding balances of the related asset or liability; thus amounts of excess collateral are not shown.

Repurchase Agreements	Remaining Contractual Maturity of the Agreements
(in thousands)	Overnight and continuous		Less than 90 days		Greater than 90 days		Total
At December 31, 2022
U.S. government-sponsored enterprises	$	5,187	$	—	$	—	$	5,187
Total	$	5,187	$	—	$	—	$	5,187
At December 31, 2021
U.S. government-sponsored enterprises	$	9,113	$	—	$	—	$	9,113
Mortgage-backed securities	14,716		—		—		14,716
Total	$	23,829	$	—	$	—	$	23,829