Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2022

Securities Sold Under Agreements to Repurchase

NOTE 12 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase are used to facilitate the needs of our customers as well as to facilitate our short-term funding needs. Securities sold under repurchase agreements are carried at the amount of cash received in association with the agreement. We continuously monitor the collateral levels and may be required, from time to time, 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 following table presents detail regarding the securities pledged as collateral under repurchase agreements as of December 31, 2022 and 2021. All of the repurchase agreements are overnight agreements.


	December 31, 2022		December 31, 2021
Securities pledged for repurchase agreements:
U.S. Treasury securities	$	25,143	$	16,478
Obligations of U.S. government agencies		—		9,017
Total securities pledged	$	25,143	$	25,495
Gross amount of recognized liabilities for repurchase agreements	$	25,143	$	25,495
Amounts related to agreements not included in offsetting disclosures above	$	—	$	—

Information concerning securities sold under agreements to repurchase was as follows:


	2022			2021			2020
Outstanding balance at year end	$	25,143		$	25,495		$	28,914
Average balance during the year		24,390			24,390			24,390
Average interest rate during the year		0.05	%		0.09	%		0.10	%
Maximum month-end balance during the year	$	26,044		$	34,200		$	31,885
Weighted average interest rate at year end		0.05	%		0.05	%		0.10	%