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SECURITIES SOLD UNDER REVERSE REPURCHASE AGREEMENTS AND SHORT-TERM BORROWINGS | 3 Months Ended
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Mar. 31, 2024
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 ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, |  | December 31,
​ | ​ | 2024 | ​ | 2023
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
Notes payable – Community Development Equity Funds |  | $ | 1,347 |  | $ | 1,610
Securities sold under reverse repurchase agreements | ​ |  | 72,778 | ​ |  | 70,843
Short-term borrowings from Federal Reserve Bank | ​ |  | 180,000 | ​ |  | —
Overnight borrowings from the Federal Home Loan Bank | ​ | ​ | — | ​ | ​ | 251,000
​ | ​ | $ | 254,125 | ​ | $ | 323,453
​ Borrowings from the Federal Reserve Bank at March 31, 2024, were part of the Federal Reserve Bank’s Bank Term Funding Program (BTFP). The BTFP borrowing, which matures in January 2025 and has a fixed interest rate of 4.83%, may be repaid in full or in part without penalty prior to its stated maturity date. The line is secured primarily by the Bank’s held-to-maturity investment securities, with assets pledged totaling approximately $193 million as of March 31, 2024. 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 reflects the Company’s securities sold under reverse repurchase agreements, by collateral type. These securities contractually mature daily. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, 2024 |  | December 31, 2023
​ | ​ | (In Thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​
Mortgage-backed securities – GNMA, FNMA, FHLMC | ​ | $ | 72,778 | ​ | $ | 70,843
​

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//860/tableOfContent + Details
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