Note 10 - Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

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

(

10

) Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase are a funding source of Bancorp and are primarily used by commercial customers in conjunction with collateralized corporate cash management accounts. Such repurchase agreements are considered financing agreements and mature within

one

business day from the transaction date. At

December 31, 2018,

all of these financing arrangements had overnight maturities and were secured by government sponsored enterprise obligations and government agency mortgage-backed securities which were owned and controlled by Bancorp.

Information concerning securities sold under agreements to repurchase is summarized as follows:

(Dollars in thousands)	2018			2017
Average balance during the year	$	62,580		$	70,187
Average interest rate during the year		0.25	%		0.19	%
Maximum month-end balance during the year	$	74,725		$	75,365