SHORT-TERM BORROWINGS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHORT-TERM BORROWINGS | SHORT-TERM BORROWINGS The following table summarizes our short-term borrowings as of June 30, 2026 and December 31, 2025:
Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction, which represents the amount of the Bank’s obligation. The Bank may be required to provide additional collateral based on the fair value of the underlying securities. The weighted-average interest rate on securities sold under agreements to repurchase was 0.29% and 0.26% at June 30, 2026 and December 31, 2025, respectively. Investment securities with a carrying amount of $9.2 million and $12.2 million at June 30, 2026 and December 31, 2025, respectively, were pledged for securities sold under agreements to repurchase. The Bank also utilizes unsecured short-term borrowings, including transactions executed through the AFX, to manage liquidity needs. AFX borrowings are generally overnight in nature and are priced at market rates, typically based on AMERIBOR, which ranged from 3.70% to 3.74% at December 31, 2025.
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