Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2019

Disclosure of Repurchase Agreements [Abstract]

Securities Sold Under Agreements to Repurchase

The Company utilizes securities sold under agreement to repurchase with one day maturities as a supplement to funding sources. Securities sold under agreement to repurchase are secured by pledged investment securities available for sale. Under the securities sold under agreement to repurchase, the Company is required to maintain an aggregate market value of securities pledged greater than the balance of the securities sold under agreement to repurchase. The Company is required to pledge additional securities to cover any declines below the balance of the securities sold under agreement to repurchase. For additional information on the total value of investment securities pledged for securities sold under agreement to repurchase see Note (3) Investment Securities.

The following table presents the Company's securities sold under agreement to repurchase obligations by class of collateral pledged at the dates indicated:

	December 31, 2019		December 31, 2018
	(In thousands)
U.S. Treasury and U.S. Government-sponsored agencies	$	—	$	4,878
Mortgage-backed securities and collateralized mortgage obligations (1):
Residential	8,452		9,335
Commercial	11,717		17,274
Total securities sold under agreement to repurchase	$	20,169	$	31,487

⁽¹⁾ Issued and guaranteed by U.S. Government-sponsored agencies.