Note 8 – Repurchase Agreements

The Company transfers various securities to customers in exchange for cash at the end of each business day and agrees to reaquire the securities at the end of the next business day for the cash exchanged plus interest. The process is repeated at the end of each business day until the agreement is terminated. The securities underlying the agreement remained under the Bank’s control.

The following table shows repurchase agreements accounted for as secured borrowings (in thousands):


	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous			Up to one year		One to three years		Three to five years		Five to ten years			Beyond ten years			Total
Repurchase Agreements and repurchase-to-maturity transactions
Repurchase Agreements - Long-term	$	57,731		$	—	$	35,000	$	50,000	$	10,000		$	—		$	152,731

Securities lending transactions
U.S. Treasury and federal agencies	$	8,468		$	—	$	—	$	—	$	—		$	—		$	8,468
Federal agency collateralized mortgage obligations		41,140			—		87		1,020		7,413			46,412			96,071
Federal agency mortgage-backed pools		10,560			—		—		541		8,574			41,476			61,151

Total		60,168			—		87		1,561		15,987			87,888			165,691

Total borrowings	$	(2,437	)	$	—	$	34,913	$	48,439	$	(5,987	)	$	(87,888	)	$	(12,960	)

Gross amount of recognized liabilities for repurchase agreements and securities lending																$	152,731