Note 10 - Securities Sold Under Agreements to Repurchase

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

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

(10) Securities Sold Under Agreements to Repurchase

SSUAR represent 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 March 31, 2022 and December 31, 2021, all of these financing arrangements had overnight maturities and were secured by government sponsored enterprise obligations and government agency mortgage-backed securities that were owned and controlled by Bancorp.

Information concerning SSUAR follows:

(dollars in thousands)	March 31, 2022			December 31, 2021
Outstanding balance at end of period	$	142,146		$	75,466
Weighted average interest rate at end of period		0.08	%		0.04	%

	Three months ended
	March 31,
(dollars in thousands)	2022			2021
Average outstanding balance during the period	$	91,082		$	46,937
Average interest rate during the period		0.08	%		0.04	%
Maximum outstanding at any month end during the period	$	142,146		$	51,681

SSUAR totaling $66 million were assumed on March 7, 2022 in relation to the CB acquisition.