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Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | 12 Months Ended
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Dec. 31, 2023
Carrying Value of Federal Funds Purchased, Securities Sold under Agreements to Repurchase, and Deposits Received for Securities Loaned [Abstract] |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | Federal Funds Purchased and Securities Sold Under Agreements to Repurchase Information regarding securities sold under agreements to repurchase and Federal funds purchased is detailed in the following tables for the years ended December 31:
Securities Sold Under Agreements to Repurchase |  |  |
(In thousands) | 2023 | 2022 | 2021
Total outstanding at December 31 | $ | 50,996 |  | $ | 56,278 |  | $ | 66,787 |
Maximum month-end balance | 71,031 |  | 67,810 |  | 78,420 |
Average balance during the year | 55,773 |  | 57,126 |  | 58,627 |
Weighted average rate at December 31 | 0.11 | % | 0.10 | % | 0.10 | %
Average interest rate paid during the year | 0.10 | % | 0.10 | % | 0.11 | %
Federal Funds Purchased |  |  |
Average balance during the year | $ | 0 |  | $ | 0 |  | $ | 0 |
Weighted average rate at December 31 | N/A | N/A | N/A
Average interest rate paid during the year | 0.00 | % | 0.00 | % | 0.00 | %
Securities sold under agreements to repurchase ("repurchase agreements") are secured borrowings that typically mature within thirty to ninety days, although the Company has, at times, entered into repurchase agreements with the Federal Home Loan Bank ("FHLB") with longer maturities. The Company uses both retail and wholesale repurchase agreements. Retail repurchase agreements are arrangements with local customers of the Company, in which the Company agrees to sell securities to the customer with an agreement to repurchase those securities at a specified later date. Retail repurchase agreements totaled $51.0 million at December 31, 2023. The Company had no outstanding wholesale repurchase agreements at December 31, 2023. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. Federal funds purchased are short-term borrowings that typically mature within one to ninety days.

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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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