Note 9 - Securities Sold Under Agreements to Repurchase |
12 Months Ended |
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Dec. 31, 2025 | |
| Notes to Financial Statements | |
| Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] |
NOTE 9. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
The Company utilizes securities sold under agreements to repurchase to facilitate the needs of customers and to facilitate secured short-term funding needs. Repurchase agreements are stated at the amount of cash received in connection with the transaction. The Company monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with the Company’s safekeeping agents.
Repurchase agreements mature on a daily basis. The total balance of repurchase agreements was $11.2 million and $8.4 million at December 31, 2025 and December 31, 2024, respectively. These funds were secured by investment securities with carrying values of approximately $12.1 million and $49.0 million at December 31, 2025 and December 31, 2024, respectively. The weighted average interest rate on repurchase agreements was 0.75% at December 31, 2025 and 2024. The weighted average rate paid for repurchase agreements during the years ended December 31, 2025, 2024 and 2023 was 0.75%, 0.65% and 0.13%, respectively.
For additional information about the Company’s repurchase agreements, including the gross presentation, the effects of offsetting, and a net presentation, refer to Note 12. Derivative Financial Instruments.
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