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Federal funds purchased and securities sold under agreements to repurchase | 12 Months Ended
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Dec. 31, 2018
Federal funds purchased and securities sold under agreements to repurchase |
Federal funds purchased and securities sold under agreements to repurchase | (8) Federal funds purchased and securities sold under agreements to repurchase Information relating to federal funds purchased and repurchase agreements is as follows:
|  | Year End |  | Average |  | Average |  | Maximum |  |  |
|  | Weighted |  | Weighted |  | Balance |  | Outstanding at |  | Balance at
(in thousands) |  | Rate |  | Rate |  | Outstanding |  | any Month End |  | December 31,
2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased |  | 2.64 | % | 2.29 | % | $ | 1,242 |  | $ | 12,863 |  | $ | 8,000
Short-term repurchase agreements - Bank |  | 0.35 |  | 0.67 |  |  | 27,142 |  |  | 36,103 |  |  | 16,647
Short-term repurchase agreements - Company |  | — |  | 3.51 |  |  | 11,180 |  |  | 25,944 |  |  | —
Total |  |  |  |  |  | $ | 39,564 |  | $ | 74,910 |  | $ | 24,647
2017 |  |  |  |  |  |  |  |  |  |  |  |  |
Federal funds purchased |  | 1.64 | % | 0.99 | % | $ | 322 |  | $ | 1,067 |  | $ | —
Short-term repurchase agreements |  | 0.29 |  | 0.38 |  |  | 29,190 |  |  | 32,555 |  |  | 27,560
Total |  |  |  |  |  | $ | 29,512 |  | $ | 33,622 |  | $ | 27,560
The securities underlying the agreements to repurchase are under the control of the Bank. All securities sold under agreements to repurchase are secured by a portion of the Bank's investment portfolio. Under agreements with unaffiliated banks, the Bank may borrow federal funds up to $42.0 million on an unsecured basis and $16.4 million on a secured basis at December 31, 2018. During 2018, the Company had purchased U.S. Treasury securities with repurchase agreements in order to generate capital gains to offset capital losses expiring in 2018 and 2019. See Note 10 Income taxes for further discussion. 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 December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 1,464 |  | $ | — |  | $ | — |  | $ | 1,464
Government sponsored enterprises |  |  | 12,976 |  |  | — |  |  | — |  |  | 12,976
Asset-backed securities |  |  | 2,207 |  |  | — |  |  | — |  |  | 2,207
Total |  | $ | 16,647 |  | $ | — |  | $ | — |  | $ | 16,647
At December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 1,964 |  | $ | — |  | $ | — |  | $ | 1,964
U.S. government and federal agency obligations |  |  | 2,977 |  |  | — |  |  | — |  |  | 2,977
Government sponsored enterprises |  |  | 8,382 |  |  | — |  |  | — |  |  | 8,382
Asset-backed securities |  |  | 14,237 |  |  | — |  |  | — |  |  | 14,237
Total |  | $ | 27,560 |  | $ | — |  | $ | — |  | $ | 27,560

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