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SHORTTERM DEBT
 12 Months Ended
Dec. 31, 2023
SHORTTERM DEBT  
SHORT-TERM DEBT

NOTE 9 SHORT TERM DEBT

 

Short-term debt, all maturing within 12 months, as of December 31, 2023 and 2022 is summarized as follows (dollars in thousands).

 

 

 

Highest

Month-End

Balance

 

 

Outstanding

at Year

End

 

 

Average

Balance

 

 

Weighted

Average

Rate

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased

 

$54

 

 

$-

 

 

$755

 

 

 

5.03%

FHLB short-term

 

 

75,000

 

 

 

60,000

 

 

 

58,430

 

 

 

5.10%

Totals

 

 

 

 

 

$60,000

 

 

$59,185

 

 

 

5.10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased

 

$1,989

 

 

$-

 

 

$883

 

 

 

2.99%

FHLB short-term

 

 

70,000

 

 

 

70,000

 

 

 

25,241

 

 

 

2.81%

Totals

 

 

 

 

 

$70,000

 

 

$26,124

 

 

 

2.82%

 

The Company utilizes short-term debt such as Federal funds purchased and FHLB short-term borrowings to support loan growth and provide liquidity.  Federal funds purchased are unsecured overnight borrowings from other financial institutions. FHLB short-term debt can be a daily rate variable loan that acts as a line of credit or a fixed rate advance, depending on the needs of the Company. FHLB advances are secured by a blanket lien on the qualifying loans in the Company’s residential, commercial, agriculture, and home equity loan portfolios. Short-term debt totaled $60.0 million at December 31, 2023, and consisted of FHLB advances which were used to fund loan growth.

 

As of December 31, 2023, the Company had unsecured lines of credit with correspondent banks totaling $90.0 million which may be used in the management of short-term liquidity, on which none was outstanding.