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Note 8 - Securities Sold Under Agreements to Repurchase | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE 8 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Information regarding securities sold under agreements to repurchase at year-end is summarized below:
|  | 2021 |  |  | 2020 |
Outstanding balance at year-end |  | $ | 197,463,000 |  |  | $ | 118,365,000 |
Weighted average interest rate at year-end |  |  | 0.11 | % |  |  | 0.12 | %
Average daily balance during the year |  | $ | 158,855,000 |  |  | $ | 132,880,000 |
Weighted average interest rate during the year |  |  | 0.11 | % |  |  | 0.12 | %
Maximum daily balance during the year |  | $ | 209,093,000 |  |  | $ | 173,186,000 |
Securities sold under agreements to repurchase (“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 repurchase agreements are recorded as assets of our bank and are held in safekeeping by a correspondent bank. Repurchase agreements are offered principally to certain large deposit customers. Repurchase agreements are secured by securities with an aggregate fair 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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