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.