Note 12 - Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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

(12) Securities Sold Under Agreements to Repurchase

SSUAR represent a funding source of Bancorp and are 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, 2023, 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 regarding SSUAR follows:

December 31, (dollars in thousands)	2023			2022
Outstanding balance at end of period	$	152,991		$	133,342
Weighted average interest rate at end of period		2.23	%		1.64	%

Years Ended December 31, (dollars in thousands)	2023			2022			2021
Average outstanding balance during the period	$	123,111		$	122,154		$	62,534
Average interest rate during the period		1.70	%		0.46	%		0.04	%
Maximum outstanding at any month end during the period	$	152,991		$	161,512		$	81,964