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SHORT-TERM BORROWINGS

3 Months Ended

Mar. 31, 2024

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 March 31, 2024 and December 31, 2023, and for the three and twelve months then ended:

			March 31, 2024						December 31, 2023
Balance at period-end			$	75,000					$	97,500
Weighted average interest rate during the period			5.67		%				5.68		%
Average balance during the period			$	97,505					$	87,370
Average interest rate during the period			5.77		%				5.46		%
Maximum month-end balance during the period			$	105,000					$	120,984

At March 31, 2024 and December 31, 2023, the Company had availability under FHLB lines for its short-term borrowings totaling $75.0 million and $52.5 million, respectively.

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- References

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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

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