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Note 9 - Securities Sold Under Agreements to Repurchase | 3 Months Ended
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Mar. 31, 2026
Notes to Financial Statements |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] |
(9) | 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. Bancorp’s repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of setoff in the event of default or in the event of bankruptcy of either party to the transactions. Bancorp reports its repurchase agreements to these arrangements on a gross basis. At March 31, 2026 and December 31, 2025, all of these financing arrangements had overnight maturities. The lender agrees to resell substantially the same securities to Bancorp at the maturity of the repurchase agreement. Should the fair value of the securities pledged as collateral fall below the associated repurchase agreements, Bancorp would be required to pledge additional securities. To mitigate the risk of under-collateralization due to balance fluctuations, Bancorp generally pledges more in securities than the associated repurchase agreements. Information concerning SSUAR follows:
(dollars in thousands) |  | March 31, 2026 |  |  | December 31, 2025 |
Outstanding balance at end of period |  | $ | 87,513 |  |  | $ | 112,476 |
Weighted average interest rate at end of period |  |  | 1.75 | % |  |  | 1.80 | %
Fair value of securities pledged: |  |  |  |  |  |  |  |
Mortgage backed securities |  | $ | 136,600 |  |  | $ | 116,097 |
Government sponsored agency obligations |  |  | 12,736 |  |  |  | 12,811 |
Total securities pledged |  | $ | 149,336 |  |  | $ | 128,908 |
|  | Three months ended |
|  | March 31, |
(dollars in thousands) |  | 2026 |  |  | 2025 |
Average outstanding balance during the period |  | $ | 93,040 |  |  | $ | 158,985 |
Average interest rate during the period |  |  | 1.75 | % |  |  | 2.08 | %
Maximum outstanding at any month end during the period |  | $ | 87,513 |  |  | $ | 192,507 |
The following table presents information regarding the Company’s repurchase agreements as if they had been presented on a net basis as of March 31, 2026 and December 31, 2025:
(dollars in thousands) |  | Gross amount of recognized liabilities |  |  | Gross amount offset in the balance sheet |  |  | Net amount of liabilities presented in the balance sheet |  |  | Investment securities posted as collateral |  |  | Net amount |
March 31, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase agreements |  | $ | 87,513 |  |  | $ | - |  |  | $ | 87,513 |  |  | $ | (87,513 | ) |  | $ | - |
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repurchase agreements |  | $ | 112,476 |  |  | $ | - |  |  | $ | 112,476 |  |  | $ | (112,476 | ) |  | $ | - |
(1) Amounts disclosed for collateral received by or posted to the same counterparty include the fair value of investment securities up to and not exceedng the amount or the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral received by or posted to the same counterparty may exceed the amounts presented.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-12 + Details
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