XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.7.0.1

REPURCHASE AGREEMENTS | 3 Months Ended
--- | ---
Mar. 31, 2017
Banking and Thrift [Abstract] |
REPURCHASE AGREEMENTS | REPURCHASE AGREEMENTS The Company can raise additional liquidity by entering into repurchase agreements at its discretion. In a security repurchase agreement transaction, the Company will generally sell a security, agreeing to repurchase either the same or substantially identical security on a specified later date, at a greater price than the original sales price. The difference between the sale price and purchase price is the cost of the proceeds, which is recorded as interest expense on the consolidated statement of income. The securities underlying the agreements are delivered to counterparties as security for the repurchase obligations. Since the securities are treated as collateral and the agreement does not qualify for a full transfer of effective control, the transactions does not meet the criteria to be classified as a sale, and is therefore considered a secured borrowing transaction for accounting purposes. Payments on such borrowings are interest only until the scheduled repurchase date. In a repurchase agreement, the Company is subject to the risk that the purchaser may default at maturity and not return the securities underlying the agreements. In order to minimize this potential risk, the Company either deals with established firms when entering into these transactions or with customers whose agreements stipulate that the securities underlying the agreement are not delivered to the customer and instead are held in segregated safekeeping accounts by the Company's safekeeping agents. The table below sets forth information regarding the Company’s repurchase agreements accounted for as secured borrowings and types of collateral as of March 31, 2017 and December 31, 2016:
|  | Remaining Contractual Maturity of the Agreements
|  | Overnight and Continuous |  | Up to 30 Days |  | 30 - 90 Days |  | Greater than 90 Days |  | Total
March 31, 2017 |  |  |  |  |  |  |  |  |  |
Customer Repurchase Agreements: |  |  |  |  |  |  |  |  |  |
Obligations of states and political subdivisions |  | $ | 685 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 685 |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | 137,460 |  |  | — |  |  | — |  |  | — |  |  | 137,460 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | 102,412 |  |  | — |  |  | — |  |  | — |  |  | 102,412 |
Total Customer Repurchase Agreements |  | 240,557 |  |  | — |  |  | — |  |  | — |  |  | 240,557 |
Total Wholesale Repurchase Agreements |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Repurchase Agreements |  | $ | 240,557 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 240,557 |
December 31, 2016 |  |  |  |  |  |  |  |  |  |
Customer Repurchase Agreements: |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | $ | 117,784 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 117,784 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | 107,821 |  |  | — |  |  | — |  |  | — |  |  | 107,821 |
Total Customer Repurchase Agreements |  | 225,605 |  |  | — |  |  | — |  |  | — |  |  | 225,605 |
Wholesale Repurchase Agreements: |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | — |  |  | — |  |  | 3,715 |  |  | — |  |  | 3,715 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | — |  |  | — |  |  | 1,292 |  |  | — |  |  | 1,292 |
Total Wholesale Repurchase Agreements |  | — |  |  | — |  |  | 5,007 |  |  | — |  |  | 5,007 |
Total Repurchase Agreements |  | $ | 225,605 |  |  | $ | — |  |  | $ | 5,007 |  |  | $ | — |  |  | $ | 230,612 |
Certain customers held CDs totaling $918,000 and $917,000 with the Bank at March 31, 2017 and December 31, 2016, respectively, that were collateralized by CMO and MBS securities that were overnight repurchase agreements. Certain counterparties monitor collateral, and may request additional collateral to be posted from time to time.

X
- References No definition available. + Details
Name: | us-gaap_BankingAndThriftAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64858031&loc=SL6224234-111729 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(m)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration