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SECURITIES SOLD UNDER REVERSE REPURCHASE AGREEMENTS AND SHORT-TERM BORROWINGS

9 Months Ended

Sep. 30, 2022

SECURITIES SOLD UNDER REVERSE REPURCHASE AGREEMENTS AND SHORT-TERM BORROWINGS

SECURITIES SOLD UNDER REVERSE REPURCHASE AGREEMENTS AND SHORT-TERM BORROWINGS

NOTE 12: SECURITIES SOLD UNDER REVERSE REPURCHASE AGREEMENTS AND SHORT-TERM BORROWINGS


	September 30,		December 31,
	2022		2021

	(In Thousands)
Notes payable – Community Development Equity Funds	$	1,119	$	1,449
Other interest-bearing liabilities		—		390
Securities sold under reverse repurchase agreements		124,187		137,116
Overnight borrowings from the Federal Home Loan Bank		98,000		—
	$	223,306	$	138,955

The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements). Reverse repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the statements of financial condition. The dollar amount of securities underlying the agreements remains in the asset accounts. Securities underlying the agreements are being held by the Bank during the agreement period. All agreements are written on a term of one month or less.

At December 31, 2021, other interest-bearing liabilities consisted of cash collateral held by the Company to satisfy minimum collateral posting thresholds with its derivative dealer counterparties representing the termination value of derivatives, which at such time were in a net asset position. Under the collateral agreements between the parties, either party may choose to provide cash or securities to satisfy its collateral requirements.

The following table represents the Company’s securities sold under reverse repurchase agreements, by collateral type and remaining contractual maturity.


	September 30, 2022		December 31, 2021
	Overnight and		Overnight and
	Continuous		Continuous

	(In Thousands)
Mortgage-backed securities – GNMA, FNMA, FHLMC	$	124,187	$	137,116