Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2023

Securities Sold Under Agreements to Repurchase

NOTE 12 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Effective in July 2023, the company no longer sells securities under agreement to repurchase. Prior to that time, securities sold under agreements to repurchase were used to facilitate the needs of our customers as well as to facilitate our short-term funding needs. Securities sold under repurchase agreements were 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 were maintained with our safekeeping agents.

NOTE 12 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Continued)

The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of December 31, 2023 and 2022. All of the repurchase agreements are overnight agreements.


	December 31, 2023		December 31, 2022
Securities pledged for repurchase agreements:
U.S. Treasury securities	$	—	$	25,143
Obligations of U.S. government agencies		—		—
Total securities pledged	$	—	$	25,143
Gross amount of recognized liabilities for repurchase agreements	$	—	$	25,143
Amounts related to agreements not included in offsetting disclosures above	$	—	$	—

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


	2023			2022			2021
Outstanding balance at year end	$	—		$	25,143		$	25,495
Average balance during the year		8,685			24,390			24,390
Average interest rate during the year		0.05	%		0.05	%		0.09	%
Maximum month-end balance during the year	$	21,658		$	26,044		$	34,200
Weighted average interest rate at year end		—			0.05	%		0.05	%