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 June 30, 2015 and December 31, 2014, repurchase agreement borrowings totaled $9,028,000 and $5,098,000, 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 agreement 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 90
June 30, 2015	Continuous		Up to 30 Days		30-90 Days		Days		Total

Repurchase Agreement
U.S. government agencies	$	13,000	$	—	$	—	$	—	$	13,000
State and political subdivisions		998		—		—		—		998

Total	$	13,998	$	—	$	—	$	—	$	13,998

These borrowings were collateralized with U.S. government and agency securities with a carrying value of $14.0 million at June 30, 2015. Declines in the fair value would require the Company to pledge additional securities.