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SHORT-TERM BORROWINGS | 12 Months Ended
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Dec. 31, 2022
SHORT-TERM BORROWINGS |
SHORT-TERM BORROWINGS | 11.SHORT-TERM BORROWINGS: A summary of the carrying value of the Corporation’s short-term borrowings at December 31, 2022 and 2021 is presented below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) | ​ | 2022 |  | 2021
Federal Funds Purchased | ​ | $ | 3,000 | ​ | $ | 3,275
Repurchase Agreements | ​ |  | 67,875 | ​ |  | 90,099
​ | ​ | $ | 70,875 | ​ | $ | 93,374
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollar amounts in thousands) |  | 2022 |  | 2021 |
Average amount outstanding | ​ | $ | 84,004 | ​ | $ | 99,810 | ​
Maximum amount outstanding at a month end | ​ |  | 96,728 | ​ |  | 117,337 | ​
Average interest rate during year | ​ |  | 1.48 | % |  | 0.40 | %
Interest rate at year-end | ​ |  | 0.27 | % |  | 0.08 | %
​ Federal funds purchased are generally due in one day and bear interest at market rates. The Corporation enters into sales of securities under agreements to repurchase. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the consolidated balance sheets. The Corporation has no control over the market value of the securities, which fluctuates due to market conditions. However, the Corporation is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Corporation manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase. Securities are pledged to cover these liabilities, which are not covered by federal deposit insurance. The Corporation maintains possession of and control over these securities. ​
Collateral pledged to repurchase agreements by remaining maturity are as follows: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022
Repurchase Agreements |  | Remaining Contractual Maturity of the Agreements
​ | ​ | Overnight | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greater | ​ | ​ | ​
​ |  | and |  | Up to 30 |  | 30 - 90 |  | than 90 |  | ​ | ​
(Dollar amounts in thousands) |  | continuous |  | days |  | days |  | days |  | Total
Mortgage Backed Securities - Residential and Collateralized Mortgage Obligations | ​ | $ | 63,335 | ​ | $ | — | ​ | $ | 4,175 | ​ | $ | 365 | ​ | $ | 67,875
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2021
Repurchase Agreements | ​ | Remaining Contractual Maturity of the Agreements
​ | ​ | Overnight | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Greater | ​ | ​ | ​
​ | ​ | and | ​ | Up to 30 | ​ | 30 - 90 | ​ | than 90 | ​ | ​ | ​
(Dollar amounts in thousands) |  | continuous |  | days |  | days |  | days |  | Total
Mortgage Backed Securities - Residential and Collateralized Mortgage Obligations | ​ | $ | 83,576 | ​ | $ | — | ​ | $ | 5,816 | ​ | $ | 707 | ​ | $ | 90,099
​

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- Definition The carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer, including federal funds purchased, repurchase agreements and notes payable. This excludes Federal Home Loan Bank borrowings. + References No definition available. + Details
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- References No definition available. + Details
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Namespace Prefix: | us-gaap_
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Balance Type: | na
Period Type: | duration