(6) Federal funds purchased and securities sold under agreements to repurchase


	March 31,		December 31,
(in thousands)	2020		2019
Federal funds purchased	$	—	$	—
Repurchase agreements		30,764		27,272
Total	$	30,764	$	27,272

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
	Overnight		Less		Greater
	and		than		than
(in thousands)	continuous		90 days		90 days		Total
At March 31, 2020
U.S. Treasury	$	779	$	—	$	—	$	779
U.S. government-sponsored enterprises		17,275		—		—		17,275
Asset-backed securities		12,710		—		—		12,710
Total	$	30,764	$	—	$	—	$	30,764

At December 31, 2019
U.S. Treasury	$	754	$	—	$	—	$	754
U.S. government-sponsored enterprises		12,853		—		—		12,853
Asset-backed securities		13,665		—		—		13,665
Total	$	27,272	$	—	$	—	$	27,272