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Repurchase Agreements

9 Months Ended

Sep. 30, 2019

Note 9 – 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:


	September 30, 2019
	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	$	97,301	$	—	$	—	$	—	$	—	$	—	$	97,301
Securities pledged for Repurchase Agreements
Federal agency collateralized mortgage obligations	$	33,579	$	—	$	—	$	—	$	—	$	—	$	33,579
Federal agency mortgage-backed pools		76,002		—		—		—		—		—		76,002

Total	$	109,581	$	—	$	—	$	—	$	—	$	—	$	109,581