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Repurchase Agreements | 9 Months Ended
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Sep. 30, 2020
Repurchase Agreements |
Repurchase Agreements |
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. Repurchase agreements are comprised of non-insured customer funds, totaling $8.4 million at September 30, 2020, and $17.5 million at December 31, 2019, which were secured by $11.1 million and $20.1 million of the Company’s investment portfolio at the same dates, respectively. The following is a summary of the balances of and collateral for the Company’s repurchase agreements: Schedule of Repurchase Agreements
|  | As of September 30, 2020 |
|  | Overnight and |  |  |  |  |  |  |  |  | Greater |  |  |  |
|  | Continuous |  |  | Up to 30 days |  |  | 30-90 days |  |  | than 90 days |  |  | Total |
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal agency obligations |  | $ | 2,195 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 2,195 |
Agency mortgage-backed securities |  |  | 6,205 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,205 |
Total |  | $ | 8,400 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 8,400 |
|  | As of December 31, 2019 |
|  | Overnight and |  |  | Up to |  |  |  |  |  | Greater |  |  |  |
|  | Continuous |  |  | 30 days |  |  | 30-90 days |  |  | than 90 days |  |  | Total |
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury obligations |  | $ | 789 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 789 |
U.S. federal agency obligations |  |  | 1,978 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,978 |
Agency mortgage-backed securities |  |  | 14,781 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 14,781 |
Total |  | $ | 17,548 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 17,548 |
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.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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