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. Securities sold under agreements to repurchase are secured by federal agency collateralized mortgage obligations and mortgage-backed pools.

The following table shows repurchase agreements accounted for as secured borrowings (in thousands):


	Remaining Contractual Maturity of the Agreements
December 31, 2016	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	$	57,144	$	—	$	—	$	—	$	—	$	—	$	57,144

Securities pledged for Repurchase Agreements
U.S. Treasury and federal agencies	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Federal agency collateralized mortgage obligations		44,408		—		—		—		—		—		44,408
Federal agency mortgage-backed pools		19,980		—		—		—		—		—		19,980

Total	$	64,388	$	—	$	—	$	—	$	—	$	—	$	64,388

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 2016 and 2015 totaled $157.7 million and $156.2 million and the daily average of such agreements totaled $134.2 million and $149.9 million. The agreements at December 31, 2016, are overnight agreements.