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Repurchase Agreements | 12 Months Ended
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Dec. 31, 2022
Repurchase Agreements | (15) Repurchase Agreements The Company has overnight repurchase agreements with certain deposit customers whereby the Company uses investment securities as collateral for non-insured funds. These balances are accounted for as collateralized financing and included in other borrowings on the balance sheet. Repurchase agreements are comprised of non-insured customer funds, totaling $29.4 million at December 31, 2022, and $7.4 million at December 31, 2021, which were secured by $38.4 million and $9.2 million of the Bank’s investment portfolio at the same dates, respectively. The following is a summary of the balances and collateral of the Company’s repurchase agreements: Schedule of Repurchase Agreements
(Dollars in thousands) |  | Years ended December 31, |
|  | 2022 |  |  | 2021 |
Average daily balance during the year |  | $ | 13,239 |  |  | $ | 5,915 |
Average interest rate during the year |  |  | 1.11 | % |  |  | 0.19 | %
Maximum month-end balance during the year |  | $ | 33,930 |  |  | $ | 8,250 |
Weighted average interest rate at year-end |  |  | 1.70 | % |  |  | 0.19 | %
|  | As of December 31, 2022 |
|  | Overnight and Continuous |  |  | Up to 30 days |  |  | 30-90 days |  |  | Greater than 90 days |  |  | Total |
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal treasury obligations |  | $ | 25,973 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 25,973 |
U.S. federal agency obligations |  |  | 1,236 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,236 |
Agency mortgage-backed securities |  |  | 2,193 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,193 |
Total |  | $ | 29,402 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 29,402 |
|  | As of December 31, 2021 |
|  | Overnight and Continuous |  |  | Up to 30 days |  |  | 30-90 days |  |  | Greater than 90 days |  |  | Total |
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal treasury obligations |  | $ | 325 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 325 |
U.S. federal agency obligations |  |  | 3,008 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,008 |
Agency mortgage-backed securities |  |  | 4,070 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,070 |
Total |  | $ | 7,403 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 7,403 |
The investment securities are held by a third party financial institution in the customer’s custodial account. The Company is required to maintain adequate collateral for each repurchase agreement. Changes in the fair value of the investment securities impact the amount of collateral required. If the Company were to default, the investment securities would be used to settle the repurchase agreement with the deposit customer.

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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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Namespace Prefix: | us-gaap_
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