Note 8 - Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]

8. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase totaling

$16,013,000

and

$13,058,000

at

December 31, 2019

and

2018

, respectively are secured by U.S. Government agency securities with a carrying amount of

$22,033,000

and

$21,764,000

at

December 31, 2019

and

2018

, respectively.

Securities sold under agreements to repurchase are financing arrangements that mature within

two

years. At maturity, the securities underlying the agreements are returned to the Company. Information concerning securities sold under agreements to repurchase during

2019

and

2018

is summarized as follows:

	2019			2018
Average daily balance during the year	$	11,485,000		$	9,123,000
Average interest rate during the year		0.11	%		0.09	%
Maximum month-end balance during the year	$	16,013,000		$	13,706,000
Weighted average interest rate at year-end		0.12	%		0.11	%