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Federal Funds Purchased and Securities Sold under Agreements to Repurchase
 9 Months Ended
Sep. 30, 2022
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Abstract]  
Federal Funds Purchased and Securities Sold under Agreements to Repurchase Federal Funds Purchased and Securities Sold under Agreements to Repurchase
(in thousands)September 30, 2022December 31, 2021
Federal funds purchased$— $— 
Repurchase agreements5,890 23,829 
Total$5,890 $23,829 
The Company offers a sweep account program whereby amounts in excess of an established limit are “swept” from the customer’s demand deposit account on a daily basis into retail repurchase agreements pursuant to individual repurchase agreements between the Company and its customers. Repurchase agreements are agreements to sell securities subject to an obligation to repurchase the same or similar securities. They are accounted for as collateralized financing transactions, not as sales and purchases of the securities portfolio. The securities collateral pledged for the repurchase agreements with customers is maintained by a designated third-party custodian. The collateral amounts pledged to repurchase agreements by remaining maturity in the table below are limited to the outstanding balances of the related asset or liability; thus amounts of excess collateral are not shown.
Repurchase AgreementsRemaining Contractual Maturity of the Agreements
(in thousands)Overnight and continuousLess than 90 daysGreater than 90 daysTotal
September 30, 2022
U.S. government-sponsored enterprises$5,890 $— $— $5,890 
Total$5,890 $— $— $5,890 
December 31, 2021
U.S. government-sponsored enterprises$9,113 $— $— $9,113 
Mortgage-backed securities14,716——14,716
Total$23,829 $— $— $23,829