Short-Term Borrowings

12 Months Ended

Dec. 31, 2023

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, 2023					At December 31, 2022
	Federal Funds Purchased		Short-term Borrowings			Federal Funds Purchased			Short-term Borrowings
Outstanding balance at year end	$	—	$	338,000		$	—		$	393,700
Maximum indebtedness during the year		—		521,500			50,000			435,500
Average balance during the year		—		280,887			137			66,875
Average rate paid during the year		—		5.12	%		4.38	%		3.84	%
Interest rate on year end balance		—		5.41	%		—			4.24	%

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 one day at December 31, 2023.