Note 6: Repurchase Agreements

Repurchase agreements are offered by the Bank to commercial business customers to provide them with an opportunity to earn a return on their excess cash balances. These repurchase agreements are considered secured borrowings and are reported in other short-term borrowings. On a daily basis the Bank transfers securities to these customers in exchange for their cash and subsequently agrees to repurchase those same securities the next business day. In the event the Bank is unable to repurchase securities from the customer, the customer will then have a claim against those securities.

The following tables present the contractual maturity of the repurchase agreements, and the fair value and type of securities pledged as collateral in exchange for these short-term borrowings at June 30, 2015 and December 31, 2014.

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater Than 90 Days		Total
June 30, 2015	(In thousands)
Repurchase Agreements
Mortgage-backed securities of government sponsored entities	$	9,209	$	—	$	—	$	—	$	9,209
Total Borrowings	$	9,209	$	—	$	—	$	—	$	9,209

Gross amount of recognized liabilities for repurchase agreements included in other short-term borrowings									$	6,770

	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater Than 90 Days		Total
December 31, 2014	(In thousands)
Repurchase Agreements
Mortgage-backed securities of government sponsored entities	$	9,046	$	—	$	—	$	—	$	9,046
Total Borrowings	$	9,046	$	—	$	—	$	—	$	9,046

Gross amount of recognized liabilities for repurchase agreements included in other short-term borrowings									$	7,000