Federal Funds Purchased and Securities Sold under Agreements to Repurchase

3 Months Ended

Mar. 31, 2023

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)	March 31, 2023		December 31, 2022
Federal funds purchased	$	—	$	—
Repurchase agreements	5,115		5,187
Total	$	5,115	$	5,187

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 Agreements	Remaining Contractual Maturity of the Agreements
(in thousands)	Overnight and continuous		Less than 90 days		Greater than 90 days		Total
March 31, 2023
U.S. government-sponsored enterprises	$	5,115	$	—	$	—	$	5,115
Total	$	5,115	$	—	$	—	$	5,115
December 31, 2022
U.S. government-sponsored enterprises	$	5,187	$	—	$	—	$	5,187
Total	$	5,187	$	—	$	—	$	5,187