Short-Term Borrowings

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Short-Term Borrowings

NOTE 10 - SHORT-TERM BORROWINGS

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are summarized as follows:

	At December 31, 2022						At December 31, 2021
	Federal Funds Purchased			Short-term Borrowings			Federal Funds Purchased			Short-term Borrowings
Outstanding balance at year end	$	—		$	393,700		$	—		$	—
Maximum indebtedness during the year		50,000			435,500			50,000			—
Average balance during the year		137			66,875			137			—
Average rate paid during the year		4.38	%		3.84	%		0.73	%		—
Interest rate on year end balance		—			4.24	%		—			—

	At December 31, 2020
	Federal Funds Purchased			Short-term Borrowings
Outstanding balance at year end	$	—		$	—
Maximum indebtedness during the year		50,000			102,700
Average balance during the year		228			8,151
Average rate paid during the year		0.35	%		1.64	%
Interest rate on year end balance		—			—

Average balances during the year represent daily averages. Average interest rates represent interest expense divided by the related average balances.

These borrowing transactions can range from overnight to six months in maturity. The average maturity was 20.2 days at December 31, 2022. At December 31, 2021 and 2020, there were no short-term borrowings with outstanding balances.