Repurchase Agreements

12 Months Ended

Dec. 31, 2018

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:

	December 31, 2018
	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	$	52,116	$	—	$	—	$	—	$	—	$	—	$	52,116
Securities pledged for Repurchase Agreements
Federal agency collateralized mortgage obligations	$	31,454	$	—	$	—	$	—	$	—	$	—	$	31,454
Federal agency mortgage-backed pools		27,354		—		—		—		—		—		27,354
Total	$	58,808	$	—	$	—	$	—	$	—	$	—	$	58,808

Securities sold under agreements to repurchase consist of obligations of the Bank to other parties. The obligations are secured by 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 2018 and 2017 totaled $61.4 million and $63.1 million and the daily average of such agreements totaled $51.4 million and $55.2 million. The agreements at December 31, 2018 are overnight agreements.