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Federal Funds Purchased and Securities Sold Under Agreement to Repurchase

12 Months Ended

Dec. 31, 2024

Broker-Dealer [Abstract]

Federal Funds Purchased and Securities Sold Under Agreement to Repurchase

Note 9 – 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, 2024 and 2023, securities with a fair value of $43.0 million and $42.6 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
2024		$	-				0.00	%		$	523			$	79				3.77	%
2023		$	-				0.00	%		$	1,694			$	1,176				1.19	%

		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
2024		$	27,218				0.99	%		$	27,218			$	27,574				4.00	%
2023		$	28,218				0.98	%		$	28,968			$	28,918				3.97	%

The Company had no federal funds purchased as of December 31, 2024 or 2023. The $27.2 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, 2024.

		December 31, 2024
		Remaining Contractual Maturity of the Agreements
		Overnight & Continuous				Up to 30 days				30-90 days				Greater Than 90 days				Total
Repurchase agreements
US Treasury & agency securities			-				-				-				27,218				27,218
Total		$	-			$	-			$	-			$	27,218			$	27,218

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- References

No definition available.

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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://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481420/860-30-50-10

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/860/tableOfContent

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