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SHORT-TERM BORROWINGS | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
SHORT-TERM BORROWINGS | SHORT-TERM BORROWINGS The Company has short-term borrowing capability from the FHLB and the FRB discount window. The following table summarizes these short-term borrowings at and for the years ended December 31, 2023, 2022 and 2021.
| 2023 |  | 2022 |  | 2021
Balance at year-end | $ | 97,500 |  |  | $ | 104,684 |  |  | $ | — |
Weighted average interest rate at year-end | 5.68 | % |  | 4.45 | % |  | — | %
Average balance during the year | $ | 87,370 |  |  | $ | 13,846 |  |  | $ | 38,546 |
Average interest rate during the year | 5.46 | % |  | 3.97 | % |  | 0.33 | %
Maximum month-end balance during the year | $ | 120,984 |  |  | $ | 104,684 |  |  | $ | 55,729 |
At December 31, 2023 and 2022, the Company had availability under FHLB lines for its short-term borrowings totaling $52.5 million and $45.3 million, respectively. The Company also enters into borrowing arrangements with certain of its deposit clients by agreements to repurchase ("repurchase agreements") under which the Company pledges investment securities owned and under its control as collateral against the borrowing arrangement, which generally matures within one day from the transaction date. The Company is required to hold U.S. Treasury, U.S. Agency or U.S. GSE securities as underlying securities for repurchase agreements. The following table provides additional details for repurchase agreements, which excludes federal funds purchased, at and for the years ended December 31, 2023, 2022 and 2021.
| 2023 |  | 2022 |  | 2021
Balance at year-end | $ | 9,785 |  |  | $ | 17,251 |  |  | $ | 23,301 |
Weighted average interest rate at year-end | 0.76 | % |  | 0.60 | % |  | 0.11 | %
Average balance during the year | $ | 14,099 |  |  | $ | 22,294 |  |  | $ | 22,888 |
Average interest rate during the year | 0.80 | % |  | 0.20 | % |  | 0.14 | %
Maximum month-end balance during the year | $ | 17,991 |  |  | $ | 26,399 |  |  | $ | 27,595 |
Fair value of securities underlying the agreements at year-end | $ | 10,201 |  |  | $ | 17,188 |  |  | $ | 32,662 |

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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