Note 8 – Repurchase Agreements

The Company transfers various securities to customers in exchange for cash at the end of each business day and agrees to acquire the securities at the end of the next business day for the cash exchanged plus interest. The process is repeated at the end of each business day until the agreement is terminated. The securities underlying the agreement remained under the Bank’s control.

The following table shows repurchase agreements accounted for as secured borrowings (in thousands):


March 31, 2017	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to one year		One to three years		Three to five years		Five to ten years		Beyond ten years		Total
Repurchase Agreements and repurchase-to-maturity transactions
Repurchase Agreements	$	54,149	$	—	$	—	$	—	$	—	$	—	$	54,149


Securities pledged for Repurchase Agreements
U.S. Treasury and federal agencies		—		—		—		—		—		—		—
Federal agency collateralized mortgage obligations		45,034		—		—		—		—		—		45,034
Federal agency mortgage-backed pools		14,326		—		—		—		—		—		14,326

Total	$	59,360	$	—	$	—	$	—	$	—	$	—	$	59,360