Repurchase Agreements

12 Months Ended

Dec. 31, 2019

Note 15 – Repurchase Agreements

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 2019 and 2018 totaled $97.3 million and $61.4 million and the daily average of such agreements totaled $81.3 million and $51.4 million. The agreements at December 31, 2019 are overnight agreements.

The following table shows repurchase agreements accounted for as secured borrowings:


	December 31, 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	$	90,941	$	—	$	—	$	—	$	—	$	—	$	90,941
Securities pledged for Repurchase Agreements
Federal agency collateralized mortgage obligations	$	35,537	$	—	$	—	$	—	$	—	$	—	$	35,537
Federal agency mortgage-backed pools		71,234		—		—		—		—		—		71,234

Total	$	106,771	$	—	$	—	$	—	$	—	$	—	$	106,771