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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended
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Dec. 31, 2023
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract] |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | NOTE 18 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase were $25,172 and $7,221 as of December 31, 2023 and 2022, respectively, and are secured by mortgage-backed securities and collateralized mortgage obligations. Securities sold under agreements to repurchase are financing arrangements that mature within two years. At maturity, the securities underlying the agreements are returned to the Company. Information concerning securities sold under agreements to repurchase is summarized as follows as of December 31:
|  | 2023 |  |  | 2022 |
Average balance during the year |  | $ | 20,635 |  |  | $ | 8,596 |
Average interest rate during the year |  |  | 1.27 | % |  |  | 0.42 | %
Maximum month-end balance during the year |  | $ | 31,644 |  |  | $ | 12,118 |
Weighted average interest rate at year-end |  |  | 2.12 | % |  |  | 0.44 | %

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//860/tableOfContent + Details
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