Note 6 - Securities Sold Under Agreements to Repurchase

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

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

6.     SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase (“repurchase agreements”) are offered principally to certain large deposit customers. Information relating to our repurchase agreements follows:

	Nine Months Ended September 30, 2020			Twelve Months Ended December 31, 2019
Outstanding balance at end of period	$	157,017,000		$	102,675,000
Average interest rate at end of period		0.11	%		0.17	%
Average daily balance during the period	$	129,091,000		$	105,234,000
Average interest rate during the period		0.12	%		0.24	%
Maximum daily balance during the period	$	173,142,000		$	133,411,000

Repurchase agreements generally have maturities of one business day. Repurchase agreements are treated as financings and the obligations to repurchase securities sold are reflected as liabilities. Securities involved with the agreements are recorded as assets of our bank and are held in safekeeping by a correspondent bank. Repurchase agreements are secured by securities with an aggregate market value equal to the aggregate outstanding balance.