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Note 11 - Securities Sold Under Agreements to Repurchase
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]

(11) 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, 2021, 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)

 

2021

  

2020

 

Outstanding balance at end of period

 $75,466  $47,979 

Weighted average interest rate at end of period

  0.04

%

  0.05

%

 

Years Ended December 31, (dollars in thousands)

 

2021

  

2020

  

2019

 
             

Average outstanding balance during the period

 $62,534  $40,363  $38,555 

Average interest rate during the period

  0.04

%

  0.09

%

  0.26

%

Maximum outstanding at any month end during the period

 $81,964  $47,979  $52,599