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	$	50,348		$	25,000	$	60,000	$	10,000	$	—		$	—		$	145,348
Securities lending transactions
U.S. Treasury and federal agencies	$	4,038		$	—	$	—	$	—	$	—		$	—		$	4,038
Federal agency collateralized mortgage obligations		44,521			—		388		173		21,541			30,301			96,924
Federal agency mortgage-backed pools		15,003			—		110		2,404		21,304			28,396			67,217

Total		63,562			—		498		2,577		42,845			58,697			168,179

Total borrowings	$	(13,214	)	$	25,000	$	59,502	$	7,423	$	(42,845	)	$	(58,697	)	$	(22,831	)