Note 6 - 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]

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			Twelve Months Ended
	September 30, 2023			December 31, 2022
Outstanding balance at end of period	$	164,082,000		$	194,340,000
Average interest rate at end of period		0.74	%		0.75	%
Average daily balance during the period	$	211,680,000		$	200,499,000
Average interest rate during the period		1.22	%		0.15	%
Maximum daily balance during the period	$	269,324,000		$	235,577,000

Repurchase agreements have maturities of one business day. Repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as liabilities on our Consolidated Balance Sheets. Repurchase agreements are secured by U.S. Government agency securities with an aggregate fair value equal to the aggregate outstanding balance of the repurchase agreements. The securities, which are included in securities available for sale on our Consolidated Balance Sheets, are held in safekeeping by a correspondent bank.