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Note 6 - Securities Sold Under Agreements to Repurchase
 6 Months Ended
Jun. 30, 2020
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:

 

  

Six Months

Ended

June 30,

2020

  

Twelve Months

Ended

December 31,

2019

 
         

Outstanding balance at end of period

 $167,527,000  $102,675,000 

Average interest rate at end of period

  0.10

%

  0.17

%

         

Average daily balance during the period

 $123,486,000  $105,234,000 

Average interest rate during the period

  0.13

%

  0.24

%

Maximum daily balance during the period

 $167,527,000  $133,411,000 

 

Repurchase agreements generally have maturities of one business day. Repurchase agreements are treated as financings and the obligations to repurchase securities sold are reflected as liabilities. Securities involved with the agreements are recorded as assets of our bank and are held in safekeeping by a correspondent bank. Repurchase agreements are secured by securities with an aggregate market value equal to the aggregate outstanding balance.