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SHORT-TERM BORROWINGS (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of the Use of Short-Term Borrowings

The Company has short-term borrowing capability from the FHLB, federal funds purchased and the FRB discount window. The following table summarizes these short-term borrowings at September 30, 2023 and December 31, 2022, and for the nine and twelve months then ended:

			September 30, 2023						December 31, 2022
Balance at period-end			$	117,250					$	104,684
Weighted average interest rate during the period			5.68		%				4.45		%
Average balance during the period			$	87,245					$	13,846
Average interest rate during the period			5.35		%				3.97		%
Maximum month-end balance during the period			$	120,984					$	104,684

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- References

No definition available.

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- Definition

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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