9.	SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE AND FEDERAL FUNDS PURCHASED

Securities sold under agreements to repurchase totaled

$17.9

million and

$19.1

million at

June 30, 2017

and

December 31, 2016,

respectively. Securities sold under repurchase agreements generally have maturities of

one

day and are recorded based on the amount of cash received from Bank customers in connection with the borrowing. Securities pledged as collateral under repurchase agreements are included in investment securities on the consolidated statements of financial condition and are disclosed in Note

The fair value of the collateral pledged to a

third

party is monitored and additional collateral is pledged or returned, as deemed appropriate.

The remaining contractual maturity of securities sold under agreements to repurchase in the consolidated balance sheets as of

June 30, 2017

and

December 31, 2016

consisted of the following (in thousands):

	June 30, 2017
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 days		Total
Securities sold under agreements to repurchase:
Municipal securities	$	5,897	$	--	$	--	$	--	$	5,897
Residential mortgage-backed securities		11,959		--		--		--		11,959
Total	$	17,856	$	--	$	--	$	--	$	17,856

	December 31, 2016
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater than 90 days		Total
Securities sold under agreements to repurchase:
Municipal securities	$	3,318	$	--	$	--	$	--	$	3,318
Residential mortgage-backed securities		15,796		--		--		--		15,796
Total	$	19,114	$	--	$	--	$	--	$	19,114

June 30, 2017,

the Company and the Bank had unused credit lines allowing contingent access to overnight borrowings of up to

$103.0

million on an unsecured basis.