Note 6. Short-Term Borrowings

Short-term borrowings included the following on March 31, 2026 and December 31, 2025:

As of December 31, 2025, the Company had federal funds purchased totaling $10,000,000. These borrowings had a weighted average interest rate of 4.05% and a maturity of 14 days.

As of March 31, 2026 and December 31, 2025, the Company had short-term FHLB cash management advances totaling $40,000,000 and $75,000,000, respectively. These borrowings had interest rates of 3.82% and 3.89%, respectively, and ninety-day maturities. The March 2026 balance matures on June 29, 2026.

Securities sold under agreements to repurchase consist of obligations of the Company to other parties. The obligations are typically secured by investment securities with fair values exceeding the total balance of the agreement and such collateral is held by the Company. The weighted average rate on these arrangements as of March 31, 2026 and December 31, 2025 was 2.42% and 2.57%, respectively. The maximum amount of outstanding agreements at any month end during the three months ended March 31, 2026 and the fiscal year ended December 31, 2025 totaled $5,067,842 and $6,632,284, respectively, and the monthly average of such agreements totaled $3,420,928 and $4,846,327 for March 31, 2026 and December 31, 2025, respectively, with an average rate paid of 1.94% and 2.0% for the three months ended March 31, 2026 and for the fiscal year ended December 31, 2025, respectively.