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 90
March 31, 2021	Continuous		Up to 30 Days		30‑90 Days		Days		Total
Repurchase Agreements
U.S. government agencies	$	27,180		—		—		—	$	27,180
Total	$	27,180	$	—	$	—	$	—	$	27,180

(In thousands)


	Overnight and						Greater than 90
December 31, 2020	Continuous		Up to 30 Days		30‑90 Days		Days		Total
Repurchase Agreements
U.S. government agencies	$	12,705	$	—	$	—	$	—	$	12,705
Total	$	12,705	$	—	$	—	$	—	$	12,705

These borrowings were collateralized with U.S. government and agency securities with a carrying value of $32.6 million at March 31, 2021 and $30.1 million at December 31, 2020. Declines in the fair value would require the Company to pledge additional securities.