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 acquire 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
September 30, 2015	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	$	56,418		$	—	$	35,000	$	60,000	$	—		$	—		$	151,418
Securities lending transactions
U.S. Treasury and federal agencies	$	6,950		$	—	$	—	$	—	$	—		$	—		$	6,950
Federal agency collateralized mortgage obligations	$	45,279			—		76		886		6,904			44,401			97,545
Federal agency mortgage-backed pools	$	14,523			—		79		401		11,396			40,744			67,144

Total		66,752			—		155		1,287		18,300			85,145			171,639

Total borrowings	$	(10,334	)	$	—	$	34,845	$	58,713	$	(18,300	)	$	(85,145	)	$	(20,221	)

Gross amount of recognized liabilities for repurchase agreements and securities lending																$	151,418