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Repurchase Agreements | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Repurchase Agreements | 8. 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 $15.9 million at March 31, 2024 and $12.7 million at December 31, 2023, which were secured by $23.7 million and $23.7 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, 2024 |
(dollars in thousands) |  | Overnight and Continuous |  |  | Up to 30 days |  |  | 30-90 days |  |  | Greater than 90 days |  |  | Total |
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal treasury obligations |  | $ | 15,895 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 15,895 |
Total |  | $ | 15,895 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 15,895 |
|  |  | As of December 31, 2023 |
(dollars in thousands) |  |  | Overnight and Continuous |  |  |  | Up to 30 days |  |  |  | 30-90 days |  |  |  | Greater than 90 days |  |  |  | Total |
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal treasury obligations |  | $ | 12,714 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 12,714 |
Total |  | $ | 12,714 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 12,714 |
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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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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