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
	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	$	55,768		$	—	$	85,000	$	10,000	$	—		$	—		$	150,768
Securities lending transactions
U.S. Treasury and federal agencies	$	4,024		$	—	$	—	$	—	$	—		$	—		$	4,024
Federal agency collateralized mortgage obligations	$	47,004			—		467		192		22,365			32,006			102,034
Federal agency mortgage-backed pools	$	13,650			—		140		1,490		20,277			29,403			64,960

Total		64,678			—		607		1,682		42,642			61,409			171,018

Total borrowings	$	(8,910	)	$	—	$	84,393	$	8,318	$	(42,642	)	$	(61,409	)	$	(20,250	)