XML 24 R13.htm IDEA: XBRL DOCUMENT

Federal funds purchased and securities sold under agreements to repurchase

9 Months Ended

Sep. 30, 2018

Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]

Federal funds purchased and securities sold under agreements to repurchase

(6)

Federal funds purchased and securities sold under agreements to repurchase

	September 30,		December 31,
	2018		2017
Federal funds purchased	$	0	$	0
Repurchase agreements		32,660		27,560
Total	$	32,660	$	27,560

The Company offers a sweep account program whereby amounts in excess of an established limit are “swept” from the customer’s demand deposit account on a daily basis into retail repurchase agreements pursuant to individual repurchase agreements between the Company and its customers. Repurchase agreements are agreements to sell securities subject to an obligation to repurchase the same or similar securities. They are accounted for as collateralized financing transactions, not as sales and purchases of the securities portfolio. The securities collateral pledged for the repurchase agreements with customers is maintained by a designated third party custodian. The collateral amounts pledged to repurchase agreements by remaining maturity in the table below are limited to the outstanding balances of the related asset or liability; thus amounts of excess collateral are not shown.

Repurchase Agreements	Remaining Contractual Maturity of the Agreements
	Overnight		Less		Greater
	and		than		than
(in thousands)	continuous		90 days		90 days		Total
At September 30, 2018
U.S. Treasury	$	1,442	$	0	$	0	$	1,442
Government sponsored enterprises		15,698		0		0		15,698
Asset-backed securities		15,520		0		0		15,520
Total	$	32,660	$	0	$	0	$	32,660

At December 31, 2017
U.S. Treasury	$	1,964	$	0	$	0	$	1,964
U.S. government and federal agency obligations		2,977		0		0		2,977
Government sponsored enterprises		8,382		0		0		8,382
Asset-backed securities		14,237		0		0		14,237
Total	$	27,560	$	0	$	0	$	27,560