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Repurchase Agreements
 6 Months Ended
Jun. 30, 2025
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 $5.8 million at June 30, 2025 and $13.8 million at December 31, 2024, which were secured by $10.8 million and $15.2 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:

   

   Continuous   Up to 30 days   30-90 days   than 90 days   Total 
   As of June 30, 2025 
   Overnight and           Greater     
(dollars in thousands)  Continuous   Up to 30 days   30-90 days   than 90 days   Total 
Repurchase agreements:                         
U.S. treasury securities  $5,825   $   -   $-   $-   $5,825 
Total  $5,825   $-   $-   $-   $5,825 

 

   Continuous   Up to 30 days   30-90 days   than 90 days   Total 
   As of December 31, 2024 
   Overnight and   Up to       Greater     
(dollars in thousands)  Continuous   30 days   30-90 days   than 90 days   Total 
Repurchase agreements:                         
U.S. treasury securities  $11,729   $  -   $-   $-   $11,729 
Agency mortgage-backed securities   2,079    -    -    -    2,079 
Total  $13,808   $-   $-   $-   $13,808 

 

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.