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SHORT-TERM BORROWINGS

12 Months Ended

Dec. 31, 2023

SHORT-TERM BORROWINGS

SHORT-TERM BORROWINGS

11. SHORT-TERM BORROWINGS

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are summarized as follows:

​

​	​	​	​	​	​	​	​
​	​	AT DECEMBER 31, 2023
​		FEDERAL			​	​
​	​	FUNDS		​	SHORT-TERM
​		PURCHASED			BORROWINGS
​	​	(IN THOUSANDS, EXCEPT RATES)
Balance	​	$	—	​	$	40,951	​
Maximum balance at any month end	​		—	​		75,442	​
Average balance during year	​		46	​		35,709	​
Average rate paid for the year	​		6.04	%		5.44	%
Interest rate on year-end balance	​		—	​		5.68	​

​

​	​	​	​	​	​	​	​
​	​	AT DECEMBER 31, 2022
​		FEDERAL			​	​
​	​	FUNDS		​	SHORT-TERM
​		PURCHASED			BORROWINGS
​	​	(IN THOUSANDS, EXCEPT RATES)
Balance	​	$	—	​	$	88,641	​
Maximum balance at any month end	​		—	​		88,641	​
Average balance during year	​		113	​		9,155	​
Average rate paid for the year	​		3.11	%		3.93	%
Interest rate on year-end balance	​		—	​		4.45	​

​

Average amounts outstanding during the year represent daily averages. Average interest rates represent interest expense divided by the related average balances.

These borrowing transactions have an average maturity of overnight.

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- References

No definition available.

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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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