Note 10 - Borrowings

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 10. Borrowings

The following table presents the components of borrowings as of the dates indicated:

	December 31,
	2022					2021
(Amounts in thousands)	Balance		Weighted Average Rate			Balance		Weighted Average Rate
Retail repurchase agreements	$	1,874		0.07	%	$	1,536		0.07	%

Repurchase agreements are secured by certain securities that remain under the Company’s control during the terms of the agreements. The counterparties may redeem callable repurchase agreements, which could substantially shorten the borrowings’ lives. The prepayment or early termination of a repurchase agreement may result in substantial penalties based on market conditions. The following schedule presents the contractual maturities of repurchase agreements, by type of collateral pledged, as of December 31, 2022:

	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater than 90 Days		Total
(Amounts in thousands)
Municipal securities	$	453	$	-	$	-	$	-	$	453
Mortgage-backed Agency securities		1,421		—		—		—		1,421
Total	$	1,874	$	—	$	—	$	—	$	1,874

As of December 31, 2022, unused borrowing capacity with the FHLB totaled $405.81 million, net of FHLB letters of credit of $116.28 million. The Company pledged $731.43 million in qualifying loans to secure the FHLB letters of credit, which provide an attractive alternative to pledging securities for public unit deposits.