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Short-Term Borrowings

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

SHORT-TERM BORROWINGS

NOTE 9 – SHORT-TERM BORROWINGS

($ in thousands)		September 30, 2022				December 31, 2021
Securities sold under repurchase agreements			19,754				15,320
		$	19,754			$	15,320

The Company has retail repurchase agreements (“REPO”) to facilitate cash management transactions with commercial customers. These obligations are secured by agency and mortgage-backed securities and such collateral is held by the Federal Home Loan Bank (“FHLB”). These securities have various maturity dates from 2022 through 2061. As of September 30, 2022, these REPO agreements were secured by securities totaling $24.6 million. The REPO agreements mature within one month.

The Company has borrowing capabilities at the Federal Reserve Discount Window (“Discount Window”) by pledging either securities or loans as collateral. As of September 30, 2022, there was no collateral pledged or borrowings drawn at the Discount Window.

At September 30, 2022 and December 31, 2021, the Company had $41.0 million in federal funds lines, of which none was drawn.

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- References

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- Definition

The entire disclosure for short-term debt.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

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