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Federal Funds Purchased and Securities Sold Under Agreement to Repurchase | 12 Months Ended
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Dec. 31, 2022
Broker-Dealer [Abstract] |
Federal Funds Purchased and Securities Sold Under Agreement to Repurchase | Note 8 – Federal Funds Purchased and Securities Sold Under Agreement to Repurchase The Bank’s policy requires qualifying securities to be used as collateral for the underlying repurchase agreements. As of December 31, 2022 and 2021, securities with a market value of $43.6 million and $31.1 million, respectively, were pledged to secure the repurchase agreements. The table below presents the daily securities sold under agreement to repurchase and the term repurchase agreements. It does not include the Bank’s federal funds purchased.
|  | Daily Securities Sold Under Agreement to Repurchase |
|  | Amount |  |  | Weighted |  |  | Maximum Amount |  |  | Approximate |  |  | Approximate |
|  | Outstanding |  |  | Average |  |  | Borrowings |  |  | Average |  |  | Weighted Average |
|  | at End |  |  | Rate End |  |  | Outstanding |  |  | Outstanding in |  |  | Interest Rate |
|  | of Period (000's) |  |  | of Period |  |  | Month End (000's) |  |  | Period (000's) |  |  | For the Period |
2022 |  | $ | 1,115 |  |  |  | 0.95 | % |  | $ | 1,450 |  |  | $ | 1,169 |  |  |  | 0.43 | %
2021 |  | $ | 1,062 |  |  |  | 0.70 | % |  | $ | 1,991 |  |  | $ | 1,514 |  |  |  | 0.43 | %
|  | Term CD's Sold Under Agreement to Repurchase |
|  | Amount |  |  | Weighted |  |  | Maximum Amount |  |  | Approximate |  |  | Approximate |
|  | Outstanding |  |  | Average |  |  | Borrowings |  |  | Average |  |  | Weighted Average |
|  | at End |  |  | Rate End |  |  | Outstanding |  |  | Outstanding in |  |  | Interest Rate |
|  | of Period (000's) |  |  | of Period |  |  | Month End (000's) |  |  | Period (000's) |  |  | For the Period |
2022 |  | $ | 30,518 |  |  |  | 0.97 | % |  | $ | 34,504 |  |  | $ | 31,573 |  |  |  | 2.54 | %
2021 |  | $ | 28,206 |  |  |  | 1.00 | % |  | $ | 28,362 |  |  | $ | 28,315 |  |  |  | 2.56 | %
The Company had $22.6 million of federal funds purchased as of December 31, 2022 and no federal funds purchased as of December 31, 2021. The $31.6 million in Securities Sold Under Agreements to Repurchase were comprised of U.S. Treasuries and government agency securities. The table below shows the remaining contractual maturity in the repurchase agreements and the collateral pledged as of December 31, 2022.
|  | December 31, 2022 |
|  | Remaining Contractual Maturity of the Agreements |
|  | Overnight & Continuous |  |  | Up to 30 days |  |  | 30-90 days |  |  | Greater Than 90 days |  |  | Total |
Federal funds purchased |  | $ | 22,573 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 22,573 |
Repurchase agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury & agency securities |  |  | 1,115 |  |  |  |  |  |  |  |  |  | 30,518 |  |  |  | 31,633 |
Total |  | $ | 23,688 |  |  | $ | - |  |  | $ | - |  |  | $ | 30,518 |  |  | $ | 54,206 |

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- References No definition available. + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI https://asc.fasb.org/topic&trid=2197590 + Details
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