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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Short-Term Borrowings

Note 10: Short-Term Borrowings

 

($ in thousands)  2022   2021 
         
Securities Sold Under Repurchase Agreements  $    14,923   $15,320 

 

The Company has retail repurchase agreements to facilitate cash management transactions with commercial customers. These obligations were secured by agency securities of $5.4 million and $8.4 million for 2022 and 2021, respectively, and mortgage-backed securities of $12.4 million and $15.2 million for 2022 and 2021, respectively. The collateral is held at the FHLB and has maturities from 2025 through 2061. At December 31, 2022, these repurchase agreements totaled $14.9 million. The maximum amount of outstanding agreements at any month end during 2022 and 2021 totaled $30.9 million and $34.2 million, respectively, and the monthly average of such agreements totaled $20.3 million and $22.8 million during 2022 and 2021, respectively. The repurchase 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 December 31, 2022, there was no collateral pledged or borrowings drawn at the Discount Window.

 

At December 31, 2022 and 2021, the Company had $56.0 million and $41.0 million in federal funds lines, of which none were drawn.