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Repurchase Agreements | 12 Months Ended
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Dec. 31, 2015
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Repurchase Agreements | Note 14 – 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 remain 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 |  | $ | 59,399 |  |  | $ | — |  |  | $ | 35,000 |  |  | $ | 60,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 154,399 |
Securities lending transactions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  |  | 5,468 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,468 |
Federal agency collateralized mortgage obligations |  |  | 45,975 |  |  |  | — |  |  |  | 609 |  |  |  | 213 |  |  |  | 19,063 |  |  |  | 33,314 |  |  |  | 99,174 |
Federal agency mortgage-backed pools |  |  | 14,068 |  |  |  | — |  |  |  | 235 |  |  |  | 310 |  |  |  | 15,881 |  |  |  | 35,641 |  |  |  | 66,135 |
Total |  |  | 65,511 |  |  |  | — |  |  |  | 844 |  |  |  | 523 |  |  |  | 34,944 |  |  |  | 68,955 |  |  |  | 170,777 |
Total borrowings |  | $ | (6,112 | ) |  | $ | — |  |  | $ | 34,156 |  |  | $ | 59,477 |  |  | $ | (34,944 | ) |  | $ | (68,955 | ) |  | $ | (16,378 | )
Gross amount of recognized liabilities for repurchase agreements and securities lending |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 154,399 |
Securities sold under agreements to repurchase consist of obligations of the Bank to other parties. The obligations are secured by U.S. Treasury and federal agencies, federal agency collateralized mortgage obligations and federal agency mortgage-backed pools and such collateral is held in safekeeping by third parties. The maximum amount of outstanding agreements at any month end during 2015 and 2014 totaled $156.2 million and $144.3 million and the daily average of such agreements totaled $149.9 million and $140.9 million. The agreements at December 31, 2015, mature at various dates through September 13, 2020.

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