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Repurchase Agreements

6 Months Ended

Jun. 30, 2024

Note 8: Repurchase Agreements

Securities sold under agreements to repurchase (“repurchase agreements”) with customers represent funds deposited by customers, generally on an overnight basis that are collateralized by investment securities owned by the Company.

The following table presents the Company’s repurchase agreements accounted for as secured borrowings:

Remaining Contractual Maturity of the Agreement

(In thousands)


	Overnight and						Greater than
June 30, 2024	Continuous		Up to 30 Days		30‑90 Days		90 Days		Total
Repurchase Agreements
State and municipal obligations	$	30,436	$	—	$	—	$	—	$	30,436
Total	$	30,436	$	—	$	—	$	—	$	30,436


	Overnight and						Greater than
December 31, 2023	Continuous		Up to 30 Days		30‑90 Days		90 Days		Total
Repurchase Agreements
State and municipal obligations	$	26,781	$	—	$	—	$	—	$	26,781
Total	$	26,781	$	—	$	—	$	—	$	26,781

These borrowings were collateralized with state and municipal obligations with a carrying value of $46.0 million at June 30, 2024 and $41.1 million at December 31, 2023. Declines in the fair value would require the Company to pledge additional securities.