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SHORT-TERM BORROWINGS | 9 Months Ended
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Sep. 30, 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 September 30, 2024 and December 31, 2023, and for the nine and twelve months then ended:
| September 30, 2024 |  | December 31, 2023
Balance at period-end | $ | 75,000 |  |  | $ | 97,500 |
Weighted average interest rate during the period | 5.18 | % |  | 5.68 | %
Average balance during the period | $ | 75,000 |  |  | $ | 87,370 |
Average interest rate during the period | 5.74 | % |  | 5.46 | %
Maximum month-end balance during the period | $ | 105,000 |  |  | $ | 120,984 |
At September 30, 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. 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 September 30, 2024 and December 31, 2023.
| September 30, 2024 |  | December 31, 2023
Balance at period-end | $ | 21,932 |  |  | $ | 9,785 |
Weighted average interest rate during the period | 1.71 | % |  | 0.76 | %
Average balance during the period | $ | 16,191 |  |  | $ | 14,099 |
Average interest rate during the period | 1.22 | % |  | 0.80 | %
Maximum month-end balance during the period | $ | 27,446 |  |  | $ | 17,991 |
Fair value of securities underlying the agreements at period-end | $ | 17,098 |  |  | $ | 10,201 |

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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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