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):


September 30, 2016	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	$	62,703		$	35,000	$	50,000	$	10,000	$	—		$	—		$	157,703


Securities lending transactions
U.S. Treasury and federal agencies		4,025			—		—		—		—			—			4,025
Federal agency collateralized mortgage obligations		50,255			—		316		258		21,514			30,621			102,964
Federal agency mortgage-backed pools		14,501			—		89		2,146		20,778			29,388			66,902

Total		68,781			—		405		2,404		42,292			60,009			173,891

Total borrowings	$	(6,078	)	$	35,000	$	49,595	$	7,596	$	(42,292	)	$	(60,009	)	$	(16,188	)

Gross amount of recognized liabilities for repurchase agreements and securities lending																$	157,703