Repurchase Agreements

3 Months Ended

Mar. 31, 2016

Banking and Thrift [Abstract]

Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]

6. Repurchase Agreements

The Company has overnight repurchase agreements with certain deposit customers whereby the Company uses investment securities as collateral for non-insured funds. These balances are accounted for as collateralized financing and included in other borrowings on the balance sheet. The following is a summary of the balances and collateral of the Company’s repurchase agreements: 

Repurchase agreements are comprised of non-insured customer funds, totaling $13.1 million at March 31, 2016, and $12.0 million at December 31, 2015, which are secured by $17.2 million and $15.7 million of the Bank’s investment portfolio at the same dates, respectively.

	As of March 31, 2016
	Overnight and		Up to				Greater
	Continuous		30 days		30-90 days		than 90 days		Total
Repurchase agreements:
U.S. federal agency obligations	$	5,660	$	-	$	-	$	-	$	5,660
Agency mortgage-backed securities		7,462		-		-		-		7,462
Total	$	13,122	$	-	$	-	$	-	$	13,122

	As of December 31, 2015
	Overnight and		Up to				Greater
	Continuous		30 days		30-90 days		than 90 days		Total
Repurchase agreements:
U.S. federal agency obligations	$	5,810	$	-	$	-	$	-	$	5,810
Agency mortgage-backed securities		6,164		-		-		-		6,164
Total	$	11,974	$	-	$	-	$	-	$	11,974

The investment securities are held by a third party financial institution in the customer’s custodial account. The Company is required to maintain adequate collateral for each repurchase agreement. Changes in the fair value of the investment securities impact the amount of collateral required. If the Company were to default, the investment securities would be used to settle the repurchase agreement with the deposit customer.