(6)

Federal funds purchased and securities sold under agreements to repurchase

	March 31,		December 31,
	2017		2016
Federal funds purchased	$	0	$	992
Repurchase agreements		31,512		30,023
Total	$	31,512	$	31,015

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, 2017
U.S. government and federal agency obligations	$	3,513	$	0	$	0	$	3,513
Government sponsored enterprises		7,291		0		0		7,291
Asset-backed securities		20,708		0		0		20,708
Total	$	31,512	$	0	$	0	$	31,512

At December 31, 2016
U.S. government and federal agency obligations	$	3,489	$	0	$	0	$	3,489
Government sponsored enterprises		7,324		0		0		7,324
Asset-backed securities		19,210		0		0		19,210
Total	$	30,023	$	0	$	0	$	30,023