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Repurchase Agreements | 6 Months Ended
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Jun. 30, 2024
Transfers and Servicing [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 $8.7 million at June 30, 2024 and $12.7 million at December 31, 2023, which were secured by $13.5 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 as of the dates indicated: Schedule of Repurchase Agreements
|  | Continuous |  |  | Up to 30 days |  |  | 30-90 days |  |  | than 90 days |  |  | Total |
|  | As of June 30, 2024 |
(dollars in thousands) |  | Overnight and |  |  |  |  |  |  |  |  | Greater |  |  |  |
|  | Continuous |  |  | Up to 30 days |  |  | 30-90 days |  |  | than 90 days |  |  | Total |
Repurchase agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal treasury obligations |  | $ | 8,745 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 8,745 |
Total |  | $ | 8,745 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 8,745 |
|  | Continuous |  |  | 30 days |  |  | 30-90 days |  |  | than 90 days |  |  | Total |
|  | As of December 31, 2023 |
(dollars in thousands) |  | Overnight and |  |  | Up to |  |  |  |  |  | Greater |  |  |  |
|  | Continuous |  |  | 30 days |  |  | 30-90 days |  |  | 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 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://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-10 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/860/tableOfContent + Details
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- References No definition available. + Details
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