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Repurchase Agreements | 12 Months Ended
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Dec. 31, 2021
Banking and Thrift, Other Disclosures [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 statements of income. The securities underlying the agreements are delivered to counterparties as security for the repurchase obligations. Because the securities are treated as collateral and the agreement does not qualify for a full transfer of effective control, the transactions do not meet the criteria to be classified as sales, and are therefore considered secured borrowing transactions 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, allocated by source of collateral, as of the dates indicated:
|  | December 31,
(In thousands) |  | 2021 |  | 2020
Customer Repurchase Agreements(1)(2): |  |  |  |
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises |  | $ | 120,846 |  |  | $ | 90,015 |
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises |  | 88,749 |  |  | 70,902 |
Obligations of states and political subdivisions |  | 2,013 |  |  | 1,522 |
Total |  | $ | 211,608 |  |  | $ | 162,439 |
(1) Presented within short-term borrowings on the consolidated statements of condition. (2) All customer repurchase agreements mature continuously or overnight for the dates indicated. Certain customers held CDs totaling $728,000 and $1.0 million at December 31, 2021 and 2020, 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.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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