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Securities Sold Under Agreements to Repurchase
 12 Months Ended
Dec. 31, 2020
Disclosure of Repurchase Agreements [Abstract]  
Securities Sold Under Agreements to Repurchase Securities Sold Under Agreement to Repurchase
The Company utilizes securities sold under agreement to repurchase with one day maturities as a supplement to funding sources. Securities sold under agreement to repurchase are secured by pledged investment securities available for sale. Under the securities sold under agreement to repurchase, the Company is required to maintain an aggregate market value of securities pledged greater than the balance of the securities sold under agreement to repurchase. The Company is required to pledge additional securities to cover any declines below the balance of the securities sold under agreement to repurchase. For additional information on the total value of investment securities pledged for securities sold under agreement to repurchase see Note (3) Investment Securities.
The following table presents the balance of the Company's securities sold under agreement to repurchase obligations by class of collateral pledged at the dates indicated:
December 31, 2020December 31, 2019
(In thousands)
Residential CMO and MBS$7,388 $8,452 
Commercial CMO and MBS28,295 11,717 
Total$35,683 $20,169