Short-Term Borrowings

3 Months Ended

Mar. 31, 2023

Short-Term BorrowingsBorrowings with original maturities of one year or less are classified as short-term and may consist of borrowings with the Federal Home Loan Bank ("FHLB"), securities sold under agreements to repurchase or borrowings on revolving lines of credit with the Federal Reserve Bank or other correspondent banks. Securities sold under repurchase agreements are comprised of customer repurchase agreements, which are overnight sweep accounts with next-day maturities utilized by commercial customers to earn interest on their funds. Securities are pledged as collateral under these agreements in an amount at least equal to the outstanding balance and the collateral pledging requirements are monitored on a daily basis.

The following table sets forth the components of short-term borrowings as of the dates indicated.


	March 31, 2023				December 31, 2022
	Amount		Weighted Average Rate		Amount		Weighted Average Rate
(Dollars in thousands)

Federal Funds Purchased:
Average Balance Outstanding During the Period	$	2	5.40	%	$	—	—	%
Maximum Amount Outstanding at any Month End	—				—

Securities Sold Under Agreements to Repurchase:
Balance at Period End	$	121	0.10	%	$	8,060	0.19	%
Average Balance Outstanding During the Period	1,342		0.60		27,381		0.23
Maximum Amount Outstanding at any Month End	121				39,219

Securities Collaterizing the Agreements at Period-End:
Carrying Value	10,935				10,947
Market Value	9,587				9,396