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Note 12 - Securities Sold Under Agreements to Repurchase | 12 Months Ended
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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.

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI https://asc.fasb.org/topic&trid=2197590 + Details
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