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Federal funds purchased and securities sold under agreements to repurchase

12 Months Ended

Dec. 31, 2020

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,
2020
Federal funds purchased	0.36	%	0.26	%	$	—	$	—	$	—
Short-term repurchase agreements - Bank	0.24		0.43			34,026		45,154		45,154
Total					$	34,026	$	45,154	$	45,154
2019
Federal funds purchased	2.00	%	2.65	%	$	329	$	1,950	$	—
Short-term repurchase agreements - Bank	0.45		0.59			22,198		27,272		27,272
Total					$	22,527	$	29,222	$	27,272

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 $50.0 million on an unsecured basis and $15.7 million on a secured basis at December 31, 2020.

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, 2020
U.S. government and federal agency obligations	$	2,728	$	—	$	—	$	2,728
U.S. government-sponsored enterprises		15,533		—		—		15,533
Mortgage-backed securities		26,893		—		—		26,893
Total	$	45,154	$	—	$	—	$	45,154

At December 31, 2019
U.S. Treasury	$	754	$	—	$	—	$	754
U.S. government-sponsored enterprises		12,853		—		—		12,853
Mortgage-backed securities		13,665		—		—		13,665
Total	$	27,272	$	—	$	—	$	27,272