Note 9 - Securities Sold Under Agreements to Repurchase

9 Months Ended

Sep. 30, 2024

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, 2024 and 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 that were owned and controlled by Bancorp.

Information concerning SSUAR follows:

(dollars in thousands)	September 30, 2024			December 31, 2023
Outstanding balance at end of period	$	149,852		$	152,991
Weighted average interest rate at end of period		2.08	%		2.23	%

	Three months ended						Nine months ended
	September 30,						September 30,
(dollars in thousands)	2024			2023			2024			2023
Average outstanding balance during the period	$	156,865		$	127,063		$	156,392		$	120,740
Average interest rate during the period		2.38	%		1.86	%		2.25	%		1.58	%
Maximum outstanding at any month end during the period	$	175,211		$	127,931		$	179,428		$	138,347