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Short-Term Borrowings

12 Months Ended

Dec. 31, 2023

Note 10: Short-Term Borrowings

($ in thousands)		2023				2022
Securities Sold Under Repurchase Agreements		$	13,387			$	14,923

The Company has retail repurchase agreements to facilitate cash management transactions with commercial customers. These obligations were secured by agency securities of $4.5 million and $5.4 million as of December 31, 2023 and 2022, respectively, and mortgage-backed securities of $15.2 million and $12.4 million for 2023 and 2022, respectively. The collateral is held at the FHLB and has maturities from 2025 through 2051. At December 31, 2023, these repurchase agreements totaled $13.4 million. The maximum amount of outstanding agreements at any month end during 2023 and 2022 totaled $24.6 million and $30.9 million, respectively, and the monthly average of such agreements totaled $15.8 million and $20.3 million during 2023 and 2022, respectively. The repurchase 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 December 31, 2023, there was $20.1 million of collateral pledged, but no borrowings drawn at either borrowing facilities.

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