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Repurchase Agreements and Other Borrowings | 9 Months Ended
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Sep. 30, 2022
Repurchase Agreements And Other Borrowings [Abstract] |
Repurchase Agreements and Other Borrowings | Note 6 -- Repurchase Agreements and Other Borrowings Securities sold under agreements to repurchase were $220.7 million at September 30, 2022, increase of $74.4 million from $146.3 million at December 31, 2021. The increase during the first nine months of 2022 was primarily due to changes in business cash flow needs. All the transactions have overnight maturities with a weighted average rate of 1.13%. 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):
|  | September 30, 2022 |  |  | December 31, 2021 |
US Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 56,030 |  |  | $ | 53,782 |
Mortgage-backed securities: GSE: residential |  |  | 164,677 |  |  |  | 92,486 |
Total |  | $ | 220,707 |  |  | $ | 146,268 |
FHLB borrowings, before net premiums of $374,000, were $175.9 million and $86 million at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 the advances were as follows:
Advance |  |  | Term (in years) |  |  | Interest Rate |  |  | Maturity Date
| 25,000,000 |  |  | 6 Months |  |  | 2.65% |  |  | December 23, 2022
| 25,000,000 |  |  | 6 Months |  |  | 2.74% |  |  | December 30, 2022
| 5,000,000 |  |  |  | 8.0 |  |  | 2.40% |  |  | January 9, 2023
| 35,000,000 |  |  | 6 Months |  |  | 4.22% |  |  | March 31, 2023
| 5,000,000 |  |  |  | 4.0 |  |  | 2.44% |  |  | May 30, 2023
| 5,000,000 |  |  |  | 1.0 |  |  | 2.00% |  |  | May 31, 2023
| 25,000,000 |  |  | 9 Months |  |  | 4.34% |  |  | June 30, 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
| 5,857,785 |  |  |  | 10.0 |  |  | 2.64% |  |  | December 23, 2025
| 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
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- Definition Repurchase Agreements And Other Borrowings. + References No definition available. + Details
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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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