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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Short-Term Borrowings

NOTE 10 - SHORT-TERM BORROWINGS

Short-term borrowings, which consist of federal funds purchased and other short-term FHLB advances are summarized as follows:

 

 

 

At December 31, 2024

 

 

At December 31, 2023

 

 

 

Federal
Funds
Purchased

 

 

Short-term FHLB Advances

 

 

Federal
Funds
Purchased

 

 

Short-term FHLB Advances

 

Outstanding balance at year end

 

$

—

 

 

$

339,000

 

 

$

—

 

 

$

338,000

 

Maximum indebtedness during the year

 

 

50,000

 

 

 

501,500

 

 

 

—

 

 

 

521,500

 

Average balance during the year

 

 

137

 

 

 

341,692

 

 

 

—

 

 

 

280,887

 

Average rate paid during the year

 

 

5.27

%

 

 

5.23

%

 

 

—

 

 

 

5.12

%

Interest rate on year end balance

 

 

—

 

 

 

4.42

%

 

 

—

 

 

 

5.41

%

 

Average balances during the year represent daily averages. Average interest rates represent interest expense divided by the related average balances.

These borrowing transactions can range from overnight to six months in maturity. The average maturity was one day at December 31, 2024.