Repurchase Agreements

9 Months Ended

Sep. 30, 2017

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements

Note 7: 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 the securities from the customer, the customer will then have a claim against those securities.

The following table presents the fair value and type of securities pledged as collateral in exchange for these short-term borrowings at September 30, 2017 and December 31, 2016.

	September 30, 2017		December 31, 2016
	(In thousands)
Repurchase Agreements
Mortgage-backed securities of government      sponsored entities	$	7,148	$	7,246
Gross amount of recognized liabilities for      repurchase agreements in other short-term      borrowings	$	7,148	$	7,246

The contractual maturities of the repurchase agreements is overnight and continuous for both September 30, 2017 and December 31, 2016.