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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended
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Dec. 31, 2023
Broker-Dealer [Abstract] |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE All repurchase agreements are sweep instruments. The securities underlying the agreements as of December 31, 2023 and 2022 were under the Company’s control in safekeeping at third-party financial institutions, and included debt securities. Information pertaining to securities sold under agreements to repurchase is as follows:
(dollars in thousands) | December 31, 2023 |  | December 31, 2022
Balance at end of year | $ | 42,442 |  |  | $ | 43,081 |
Weighted average rate as of end of year | 2.42 | % |  | 0.28 | %
Fair value of securities underlying the agreements | $ | 49,303 |  |  | $ | 50,771 |
Carrying value of securities underlying the agreements | $ | 52,958 |  |  | $ | 55,850 |

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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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