Note 9 - Securities Sold Under Agreements to Repurchase

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

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

(9) 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 September 30, 2023 and December 31, 2022, 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)	September 30, 2023			December 31, 2022
Outstanding balance at end of period	$	113,894		$	133,342
Weighted average interest rate at end of period		1.76	%		1.64	%

	Three months ended						Nine months ended
	September 30,						September 30,
(dollars in thousands)	2023			2022			2023			2022
Average outstanding balance during the period	$	127,063		$	139,749		$	120,740		$	123,845
Average interest rate during the period		1.86	%		0.50	%		1.58	%		0.27	%
Maximum outstanding at any month end during the period	$	127,931		$	139,825		$	138,347		$	149,179