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Note 8 - Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2022

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:

		2022				2021

Outstanding balance at year-end		$	194,340,000			$	197,463,000
Weighted average interest rate at year-end			0.75	%			0.11	%

Average daily balance during the year		$	200,499,000			$	158,855,000
Weighted average interest rate during the year			0.15	%			0.11	%

Maximum daily balance during the year		$	235,577,000			$	209,093,000

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 on our Consolidated Balance Sheets. Repurchase agreements are secured by securities with an aggregate fair value equal to the aggregate outstanding balance of the repurchase agreements. The securities, which are included in securities available for sale on our Consolidated Balance Sheets, are held in safekeeping by a correspondent bank. Repurchase agreements are offered principally to certain large deposit customers.