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Securities Sold Under Agreements to Repurchase | 12 Months Ended
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Dec. 31, 2020
Securities Sold under Agreements to Repurchase [Abstract] |
Securities sold under agreements to repurchase | Securities Sold Under Agreements to Repurchase Securities Sold Under Agreements to Repurchase - Term The Company had previously entered into wholesale repurchase agreements with certain brokers. At December 31, 2017, the Company held $25.0 million in wholesale repurchase agreements with an interest rate of 1.88%. These agreements were settled on the repurchase date of March 19, 2018. Securities Sold Under Agreements to Repurchase - Sweep The Company’s securities sold under agreements to repurchase consist of sweep repurchase agreements that are generally short-term agreements. These agreements are treated as financing transactions and the obligations to repurchase securities sold are reflected as a liability in the Consolidated Financial Statements. The dollar amount of securities underlying the agreements remains in the applicable asset account of the Consolidated Financial Statements. These agreements had a balance of $73.9 million and a weighted average interest rate of 0.19% at December 31, 2020. All of these repurchase agreements in existence at December 31, 2020 mature on a daily basis. Securities available for sale with a carrying amount of $110.3 million at December 31, 2020 were pledged as collateral for the sweep repurchase agreement borrowings.

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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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- References No definition available. + Details
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