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Repurchase Agreements
 9 Months Ended
Sep. 30, 2016
Banking and Thrift [Abstract]  
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]
6.
Repurchase Agreements
 
The Company has overnight repurchase agreements with certain deposit customers whereby the Company uses investment securities as collateral for non-insured funds. These balances are accounted for as collateralized financing and included in other borrowings on the balance sheet. The following is a summary of the balances of and collateral for the Company’s repurchase agreements:
 
 
 
As of September 30, 2016
 
 
 
Overnight and
 
 
 
 
 
Greater
 
 
 
 
 
Continuous
 
Up to 30 days
 
 30-90 days
 
than 90 days
 
Total
 
Repurchase agreements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. federal agency obligations
 
$
5,046
 
$
-
 
$
-
 
$
-
 
$
5,046
 
Agency mortgage-backed securities
 
 
7,479
 
 
-
 
 
-
 
 
-
 
 
7,479
 
Total
 
$
12,525
 
$
-
 
$
-
 
$
-
 
$
12,525
 
 
 
 
As of December 31, 2015
 
 
 
Overnight and
 
Up to
 
 
 
Greater
 
 
 
 
 
Continuous
 
30 days
 
 30-90 days
 
than 90 days
 
Total
 
Repurchase agreements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. federal agency obligations
 
$
5,810
 
$
-
 
$
-
 
$
-
 
$
5,810
 
Agency mortgage-backed securities
 
 
6,164
 
 
-
 
 
-
 
 
-
 
 
6,164
 
Total
 
$
11,974
 
$
-
 
$
-
 
$
-
 
$
11,974
 
 
Repurchase agreements are comprised of non-insured customer funds, totaling $12.5 million at September 30, 2016, and $12.0 million at December 31, 2015, which were secured by $16.7 million and $15.7 million of the Company’s investment portfolio at the same dates, respectively.
 
The investment securities are held by a third-party financial institution in the customer’s custodial account. The Company is required to maintain adequate collateral for each repurchase agreement. Changes in the fair value of the investment securities impact the amount of collateral required. If the Company were to default, the investment securities would be used to settle the repurchase agreement with the deposit customer.