Note 6. Short-Term Borrowings

Short-term borrowings included the following on June 30, 2026 and December 31, 2025:

Securities sold under agreements to repurchase generally mature within one day to four days from the transaction date. The weighted average interest rate on June 30, 2026 and December 31, 2025 was 2.32% and 2.57%, respectively. The maximum month-end balance during the six months ended June 30, 2026 and the fiscal year ended December 31, 2025 was $5,067,842 and $6,632,284, respectively. The average outstanding balance during the six months ended June 30, 2026 and the fiscal year ended December 31, 2025 amounted to $3,702,396 and $4,846,327, respectively, with an average rate paid of 3.10% and 2.64%, respectively. Securities sold under agreements to repurchase are collateralized by securities with fair market values exceeding the total balance of the agreement.

As of June 30, 2026 and December 31, 2025, the Company had short-term FHLB cash management advances totaling $100,000,000 and $75,000,000, respectively, with interest rates of 3.85% and 3.89%, respectively, and ninety-day maturities. The June 30, 2026 balance matures on September 28, 2026.

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.