Note 10 - Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2025

Securities Sold Under Agreements to Repurchase [Text Block]

10. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that entitles and obligates the Company to repurchase the assets.

As a result, these repurchase agreements are accounted for as collateralized financing agreements (i.e., secured borrowings) and not as a sale and subsequent repurchase of securities. The obligation to repurchase the securities is reflected as a liability in the Company’s Consolidated Balance Sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts. In other words, there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities.

The following table presents the liabilities subject to an enforceable master netting arrangement or repurchase agreements as of December 31, 2025 and 2024 (dollars in thousands):

Gross Amounts Not Offset

in the Balance Sheets

December 31, 2025

Gross Amounts of Recognized Liabilities

Gross Amounts Offset in the Balance Sheets

Net Amounts of Liabilities Presented in the Balance Sheets

Financial Instruments

Cash Collateral Pledged

Net Amount

Repurchase agreements:

Commercial customers^(a)

1,589

							Gross Amounts Not Offset
							in the Balance Sheets
December 31, 2024	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Balance Sheets		Net Amounts of Liabilities Presented in the Balance Sheets		Financial Instruments		Cash Collateral Pledged		Net Amount

Repurchase agreements:
Commercial customers ^(a)	$	1,143	$	-	$	1,143	$	1,143	$	-	$	-

^(a)	As of December 31, 2025 and 2024, the fair value of securities pledged in connection with repurchase agreements was $1.65 million and $1.15 million, respectively.