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Short-Term Borrowings | 9 Months Ended
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Sep. 30, 2024
Short-Term Borrowings [Abstract] |
SHORT-TERM BORROWINGS | NOTE 9 – SHORT-TERM BORROWINGS
($ in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Securities sold under repurchase agreements |  | $ | 15,240 |  |  | $ | 13,387 |
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 2051. As of September 30, 2024, these REPO agreements were secured by securities with a fair value totaling $18.4 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, 2024, there was $5.6 million pledged to the Discount Window. At both September 30, 2024, and December 31, 2023, 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 + Details
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