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SECURITIES SOLD UNDER REVERSE REPURCHASE AGREEMENTS AND SHORT-TERM BORROWINGS

9 Months Ended

Sep. 30, 2023

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,
		2023			2022

		(In Thousands)
Notes payable – Community Development Equity Funds		$	1,610		$	1,083
Securities sold under reverse repurchase agreements			58,172			176,843
Overnight borrowings from the Federal Home Loan Bank			82,500			88,500
		$	142,282		$	266,426

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.

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


		September 30, 2023			December 31, 2022
		Overnight and			Overnight and
		Continuous			Continuous

		(In Thousands)
Mortgage-backed securities – GNMA, FNMA, FHLMC		$	58,172		$	176,843