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Repurchase Agreements and Other Borrowings | 3 Months Ended
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Mar. 31, 2020
Repurchase Agreements and Other Borrowings [Abstract] |
Repurchase Agreements and Other Borrowings [Text Block] | Repurchase Agreements and Other Borrowings Securities sold under agreements to repurchase were $231.6 million at March 31, 2020, a increase of $23.5 million from $208.1 million at December 31, 2019. The increase during the first three months of 2020 was primarily due to changes in business cash flow needs. All of the transactions have overnight maturities with a weighted average rate of 0.12%. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default (e.g., declare bankruptcy), the Company could cancel the repurchase agreement (i.e., cease payment of principal and interest), and attempt collection on the amount of collateral value in excess of the repurchase agreement fair value. The collateral is held by a third party financial institution in the counterparty's custodial account. The counterparty has the right to sell or repledge the investment securities. For government entity repurchase agreements, the collateral is held by the Company in a segregated custodial account under a tri-party agreement. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained, while mitigating the potential of over-collateralization in the event of counterparty default. Collateral pledged by class for repurchase agreements are as follows (in thousands):
| March 31, 2020 |  | December 31, 2019
US Treasury securities and obligations of U.S. government corporations & agencies | $ | 36,437 |  |  | $ | 77,333 |
Obligations of states and political subdivisions | — |  |  | 2,375 |
Mortgage-backed securities: GSE: residential | 194,144 |  |  | 128,401 |
Other Securities | 1,068 |  |  | — |
Total | $ | 231,649 |  |  | $ | 208,109 |
FHLB borrowings were $120 million and $114 million at March 31, 2020 and December 31, 2019, respectively. At March 31, 2020 the advances were as follows:
Advance |  | Term (in years) |  | Interest Rate |  | Maturity Date
$ | 5,000,000 |  |  | 4.0 |  | 1.79% |  | April 13, 2020
10,000,000 |  |  | 1.5 |  | 2.95% |  | May 29, 2020
5,000,000 |  |  | 2.0 |  | 2.75% |  | June 26, 2020
5,000,000 |  |  | 3.0 |  | 1.75% |  | July 31, 2020
5,000,000 |  |  | 6.0 |  | 2.30% |  | August 24, 2020
5,000,000 |  |  | 3.5 |  | 1.83% |  | February 1, 2021
5,000,000 |  |  | 5.0 |  | 1.85% |  | April 12, 2021
5,000,000 |  |  | 7.0 |  | 2.55% |  | October 1, 2021
5,000,000 |  |  | 5.0 |  | 2.71% |  | March 21, 2022
5,000,000 |  |  | 8.0 |  | 2.40% |  | January 9, 2023
5,000,000 |  |  | 3.5 |  | 1.51% |  | July 31, 2023
5,000,000 |  |  | 3.5 |  | 0.77% |  | September 11, 2023
10,000,000 |  |  | 5.0 |  | 1.45% |  | December 31, 2024
5,000,000 |  |  | 5.0 |  | 0.91% |  | March 10, 2025
5,000,000 |  |  | 10.0 |  | 1.14% |  | October 3, 2029
5,000,000 |  |  | 10.0 |  | 1.15% |  | October 3, 2029
5,000,000 |  |  | 10.0 |  | 1.12% |  | October 3, 2029
10,000,000 |  |  | 10.0 |  | 1.39% |  | December 31, 2029
15,000,000 |  |  | 10.0 |  | 1.41% |  | December 31, 2029

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- Definition Disclosure of change in repurchase agreements, FHLB Advances and other borrowings. + References No definition available. + Details
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