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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 3 Months Ended
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Mar. 31, 2018
Disclosure of Repurchase Agreements [Abstract] |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE A summary of securities sold under agreements to repurchase as of March 31, 2018 and December 31, 2017 is as follows (in thousands):
| March 31, 2018
| Overnight and Continuous |  | Up to 1 Year |  | 1 - 3 Years |  | 3+ Years |  | Total
Mortgage-backed securities, residential | $ | — |  |  | $ | 12,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,000 |
Excess collateral held | — |  |  | (2,000 | ) |  | — |  |  | — |  |  | (2,000 | )
Gross amount of recognized liabilities for repurchase agreements | $ | — |  |  | $ | 10,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,000 |
| December 31, 2017
| Overnight and Continuous |  | Up to 1 Year |  | 1 - 3 Years |  | 3+ Years |  | Total
Mortgage-backed securities, residential | $ | — |  |  | $ | 11,798 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,798 |
Excess collateral held | — |  |  | (1,798 | ) |  | — |  |  | — |  |  | (1,798 | )
Gross amount of recognized liabilities for repurchase agreements | $ | — |  |  | $ | 10,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,000 |
The Corporation enters into sales of securities under agreements to repurchase and the amounts received under these agreements represent borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the consolidated balance sheets. The Corporation has no control over the market value of the securities which fluctuate due to market conditions, however, the Corporation is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Corporation manages this risk by utilizing highly marketable and easily priced securities, monitoring these securities for significant changes in market valuation routinely, and maintaining an unpledged securities portfolio believed to be sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.

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- References No definition available. + Details
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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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