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Repurchase Agreements | 3 Months Ended
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Mar. 31, 2021
Repurchase Agreements | 7. 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 $4.2 million at March 31, 2021 and $6.4 million at December 31, 2020, which were secured by $7.2 million and $8.7 million of the Company’s investment portfolio at the same dates, respectively. The following is a summary of the balances and collateral of the Company’s repurchase agreements: Schedule of Repurchase Agreements
|  | As of March 31, 2021 |
(dollars in thousands) |  | Overnight and Continuous |  |  | Up to 30 days |  |  | 30-90 days |  |  | Greater than 90 days |  |  | Total |
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal agency obligations |  | $ | 1,989 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,989 |
Agency mortgage-backed securities |  |  | 2,176 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,176 |
Total |  | $ | 4,165 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 4,165 |
|  |  | As of December 31, 2020 |
(dollars in thousands) |  |  | Overnight and Continuous |  |  |  | Up to 30 days |  |  |  | 30-90 days |  |  |  | Greater than 90 days |  |  |  | Total |
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal agency obligations |  | $ | 2,412 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 2,412 |
Agency mortgage-backed securities |  |  | 3,959 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,959 |
Total |  | $ | 6,371 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 6,371 |

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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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Namespace Prefix: | us-gaap_
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