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Short-Term Borrowings

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

SHORT-TERM BORROWINGS

NOTE 9 – SHORT-TERM BORROWINGS

($ in thousands)		March 31, 2023				December 31, 2022
Securities sold under repurchase agreements		$	15,998			$	14,923

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 2023 through 2061. As of March 31, 2023, these REPO agreements were secured by securities totaling $23.8 million. The REPO agreements mature within one month.

The Company has borrowing capabilities at the Federal Reserve Discount Window (“Discount Window”) and the Bank Term Funding Program (“BTFP”) by pledging either securities or loans as collateral. As of March 31, 2023, there was no collateral pledged or borrowings drawn through either facility.

At March 31, 2023 and December 31, 2022, the Company had $41.0 million in federal funds lines, of which none was drawn.

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- Definition

The entire disclosure for short-term debt.

+ References

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

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