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Securities Sold Under Agreements to Repurchase | 12 Months Ended
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Dec. 31, 2023
Broker-Dealer [Abstract] |
Securities Sold Under Agreements to Repurchase | NOTE 12 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Effective in July 2023, the company no longer sells securities under agreement to repurchase. Prior to that time, securities sold under agreements to repurchase were used to facilitate the needs of our customers as well as to facilitate our short-term funding needs. Securities sold under repurchase agreements were carried at the amount of cash received in association with the agreement. We continuously monitor the collateral levels and may be required, from time to time, to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements were maintained with our safekeeping agents. NOTE 12 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Continued) The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of December 31, 2023 and 2022. All of the repurchase agreements are overnight agreements.
|  | December 31, 2023 |  |  | December 31, 2022 |
Securities pledged for repurchase agreements: |  |  |  |  |  |
U.S. Treasury securities |  | $ | — |  |  | $ | 25,143 |
Obligations of U.S. government agencies |  |  | — |  |  |  | — |
Total securities pledged |  | $ | — |  |  | $ | 25,143 |
Gross amount of recognized liabilities for repurchase agreements |  | $ | — |  |  | $ | 25,143 |
Amounts related to agreements not included in offsetting disclosures above |  | $ | — |  |  | $ | — |
Information concerning securities sold under agreements to repurchase was as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Outstanding balance at year end |  | $ | — |  |  | $ | 25,143 |  |  | $ | 25,495 |
Average balance during the year |  |  | 8,685 |  |  |  | 24,390 |  |  |  | 24,390 |
Average interest rate during the year |  |  | 0.05 | % |  |  | 0.05 | % |  |  | 0.09 | %
Maximum month-end balance during the year |  | $ | 21,658 |  |  | $ | 26,044 |  |  | $ | 34,200 |
Weighted average interest rate at year end |  |  | — |  |  |  | 0.05 | % |  |  | 0.05 | %

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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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