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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS | 3 Months Ended
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Mar. 31, 2024
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS | 7. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS ​ Securities sold under agreements to repurchase consist of short-term excess funds from correspondent banks, repurchase agreements, and overnight liabilities to deposit clients arising from the Bank’s treasury management program. While comparable to deposits in their transactional nature, these overnight liabilities to clients are in the form of repurchase agreements. Repurchase agreements collateralized by securities are treated as financings; accordingly, the securities involved with the agreements are recorded as assets and are held by a safekeeping agent and the obligations to repurchase the securities are reflected as liabilities. Should the fair value of currently pledged securities fall below the associated repurchase agreements, the Bank would be required to pledge additional securities. To mitigate the risk of under collateralization, the Bank typically pledges at least two percent more in securities than the associated repurchase agreements. All such securities are under the Bank’s control. ​ As of March 31, 2024 and December 31, 2023, all securities sold under agreements to repurchase had overnight maturities. Additional information regarding securities sold under agreements to repurchase follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | March 31, 2024 |  |  | December 31, 2023 |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding balance at end of period | ​ | $ | 84,522 | ​ | ​ | $ | 97,618 | ​ | ​
Weighted average interest rate at end of period | ​ |  | 0.59 | % | ​ |  | 0.50 | % | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of securities pledged: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 86,171 | ​ | ​ | $ | 99,530 | ​ | ​
Total securities pledged | ​ | $ | 86,171 | ​ | ​ | $ | 99,530 | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | ​
​ | ​ | March 31, | ​ | ​ | ​
(dollars in thousands) |  | 2024 |  |  | 2023 | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average outstanding balance during the period | ​ | $ | 102,592 |  | ​ | $ | 202,910 | ​ | ​ | ​
Weighted average interest rate during the period | ​ | ​ | 0.51 | % | ​ | ​ | 0.49 | % | ​ | ​
Maximum outstanding at any month end during the period | ​ | $ | 113,281 |  | ​ | $ | 224,067 | ​ | ​ | ​
​

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//860/tableOfContent + Details
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- References No definition available. + Details
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