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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY | 12 Months Ended
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Dec. 31, 2022
Securities Sold Under Agreements To Repurchase And Other Borrowed Money |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY | Note 10—SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER BORROWED MONEY Securities sold under agreements to repurchase generally mature within one day to four days from the transaction date. The weighted average interest rate at December 31, 2022 and 2021 was 0.95% and 0.12%, respectively. The maximum month-end balance during 2022 and 2021 was $93.4 million and $72.4 million, respectively. The average outstanding balance during the years ended December 31, 2022 and 2021 amounted to $74.8 million and $62.2 million, respectively, with an average rate paid of 0.30% and 0.14%, respectively. Securities sold under agreements to repurchase are collateralized by securities with fair market values exceeding the total balance of the agreement. At December 31, 2022 and 2021, the Company had unused short-term lines of credit totaling $70.0 million and $75.0 million respectively.

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