XML 36 R19.htm IDEA: XBRL DOCUMENT v3.22.4
SHORT-TERM BORROWINGS
12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
SHORT-TERM BORROWINGS SHORT-TERM BORROWINGS
 
Short-term borrowings consist of securities sold under agreements to repurchase and primarily FHLB advances, which generally represent overnight or less than six month borrowings.  In addition to the outstanding balances noted below, the Banks also have additional lines of credit totaling $100,000,000 available from correspondent banks other than the FHLB.  The outstanding balances and related information for short-term borrowings are summarized as follows at December 31, 2022, 2021, and 2020:
(In Thousands)20222021
Repurchase Agreements:  
Balance at year end$5,153 $5,747 
Maximum amount outstanding at any month end6,634 9,757 
Average balance outstanding during the year5,216 7,178 
Weighted-average interest rate: 
At year end0.29 %0.12 %
Paid during the year0.16 %0.13 %
Overnight: 
Balance at year end$148,196 $— 
Maximum amount outstanding at any month end148,196 — 
Average balance outstanding during the year24,099 — 
Weighted-average interest rate: 
At year end4.45 %— %
Paid during the year4.14 %— %
We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and to facilitate secured short-term funding needs. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. We monitor collateral levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The remaining contractual maturity of repurchase agreements in the consolidated balance sheets as of December 31, 2022 and December 31, 2021 is presented in the following tables.
20222021
Remaining Contractual Maturity of the Agreements
(In Thousands)Overnight and ContinuousOvernight and Continuous
Repurchase Agreements:
State and political securities$6,193 $7,871 
Other debt securities972 1,010 
Total carrying value of collateral pledged$7,165 $8,881 
Total liability recognized for repurchase agreements$5,153 $5,747