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Note 9 - Securities Sold Under Agreements to Repurchase
9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Long-term Debt [Text Block]
9
.
Securities Sold under Agreements to Repurchase
 
Securities sold under agreements to repurchase represent transactions where the Company sells certain of its investment securities and agrees to repurchase them at a specific date in the future. Securities sold under agreements to repurchase are accounted for as secured borrowing and reflect the amount of cash received in connection with the transaction.
 
Securities sold under agreements to repurchase are collateralized by U.S. government agency securities, primarily mortgage-backed securities. The Company may be required to provide additional collateral securing the borrowings in the event of principal pay downs or a decrease in the market value of the pledged securities. The Company mitigates this risk by monitoring the market value and liquidity of the collateral and ensuring that it holds a sufficient level of eligible securities to cover potential increases in collateral requirements.
 
Of the total repurchase agreements, $37.4 million are classified as short-term borrowings and $1.3 million are classified as long-term borrowings on the balance sheet at September 30, 2016. At year-end 2015, $34.4 million and $101.5 million are classified as short-term and long-term borrowings, respectively. The following tables represent the remaining maturity of repurchase agreements disaggregated by the class of securities pledged as of the dates indicated
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Remaining Contractual Maturity of the Agreements
 
September 30, 2016 (In thousands)
 
Overnight/

Continuous
   
Less Than 30 Days
   
30-89

Days
   
90 Days to One Year
   
Over One Year to Four Years
   
Total
 
U.S. government agency securities
  $ 36,007     $ 200     $ -     $ 1,457     $ 1,025     $ 38,689  
Total
  $ 36,007     $ 200     $ -     $ 1,457     $ 1,025     $ 38,689  
 
   
Remaining Contractual Maturity of the Agreements
 
December 31, 2015 (In thousands)
 
Overnight/

Continuous
   
Less Than 30 Days
   
30-89

Days
   
90 Days to One Year
   
Over One Year to Four Years
   
Total
 
U.S. government agency securities
  $ 33,151     $ 1,202     $ -     $ 716     $ 100,758     $ 135,827  
Total
  $ 33,151     $ 1,202     $ -     $ 716     $ 100,758     $ 135,827