NOTE 10 – SHORT-TERM BORROWINGS

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 June 30, 2025, these REPO agreements were secured by securities with a fair value totaling $19.3 million. The maximum amount of outstanding agreements at any month end during the periods ending June 30, 2025, and December 31, 2024, was $16.7 million and $26.9 million, respectively. The monthly average of such agreements totaled $11.8 million and $14.3 million, respectively. 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 June 30, 2025, there were no borrowings drawn or securities pledged at the Discount Window.

At both June 30, 2025, and December 31, 2024, the Company had $41.0 million in federal funds lines, of which none was drawn.