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Short-Term Borrowings | 6 Months Ended
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Jun. 30, 2023
Short-Term Borrowings [Abstract] |
SHORT-TERM BORROWINGS | NOTE 9 – SHORT-TERM BORROWINGS
($ in thousands) |  | June 30, 2023 |  |  | December 31, 2022 |
Securities sold under repurchase agreements |  | $ | 21,118 |  |  | $ | 14,923 |
The Company has retail repurchase (“REPO”) agreements 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 2025 through 2061. As of June 30, 2023, these REPO agreements were secured by securities with a fair value totaling $22.5 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 June 30, 2023, there was no collateral pledged or borrowings drawn through either facility. At June 30, 2023 and December 31, 2022, the Company had $41.0 million in federal funds lines, of which none was drawn.

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