Note 12 - Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

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

(12) 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, 2022, 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)	2022			2021
Outstanding balance at end of period	$	133,342		$	75,466
Weighted average interest rate at end of period		1.64	%		0.04	%

Years Ended December 31, (dollars in thousands)	2022			2021			2020
Average outstanding balance during the period	$	122,154		$	62,534		$	40,363
Average interest rate during the period		0.46	%		0.04	%		0.09	%
Maximum outstanding at any month end during the period	$	161,512		$	81,964		$	47,979

SSUAR totaling $66 million were assumed on March 7, 2022 in relation to the CB acquisition. SSUAR totaling $11 million were assumed on May 31, 2021 in relation to the KB acquisition.