Repurchase Agreements

9 Months Ended

Sep. 30, 2021

Repurchase Agreements

Repurchase Agreements

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.

At September 30, 2021 and December 31, 2020, repurchase agreement borrowings totaled $18,280,000 and $12,705,000, respectively and are included in short-term borrowings on the consolidated condensed balance sheets. All repurchase agreements are subject to term and conditions of repurchase/security agreements between the Company and the customer and are accounted for as secured borrowings. The Company’s repurchase agreements reflected in short-term borrowings, consist of customer accounts and securities which are pledged on an individual security basis.

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
September 30, 2021	Continuous		Up to 30 Days		30‑90 Days		90 Days		Total
Repurchase Agreements
U.S. government agencies	$	18,280	$	—	$	—	$	—	$	18,280
Total	$	18,280	$	—	$	—	$	—	$	18,280

	Overnight and						Greater than
December 31, 2020	Continuous		Up to 30 Days		30‑90 Days		90 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 $37.0 million at September 30, 2021 and $30.1 million at December 31, 2020. Declines in the fair value would require the Company to pledge additional securities.