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Note 6 - Securities Sold Under Agreements to Repurchase | 6 Months Ended
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Jun. 30, 2021
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, 2021 |  |  | Twelve Months Ended December 31, 2020 |
Outstanding balance at end of period |  | $ | 169,737,000 |  |  | $ | 118,365,000 |
Average interest rate at end of period |  |  | 0.11 | % |  |  | 0.12 | %
Average daily balance during the period |  | $ | 141,861,000 |  |  | $ | 132,880,000 |
Average interest rate during the period |  |  | 0.11 | % |  |  | 0.12 | %
Maximum daily balance during the period |  | $ | 180,719,000 |  |  | $ | 173,186,000 |
Repurchase agreements generally have original maturities of less than one year. 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.

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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 http://asc.fasb.org/topic&trid=2197590 + Details
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