Short-Term Borrowings

9 Months Ended

Sep. 30, 2022

Short-Term Borrowings

Short-Term Borrowings

5.    Short-Term Borrowings

Period–end short-term borrowings were comprised of the following:

(Dollar amounts in thousands)	September 30, 2022		December 31, 2021
Federal Funds Purchased	$	3,350	$	3,275
Repurchase Agreements		85,971		90,099
	$	89,321	$	93,374

The Corporation enters into sales of securities under agreements to repurchase. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the consolidated balance sheets. The securities underlying these agreements are included in investment securities in the consolidated balance sheets. The Corporation has no control over the market value of the securities, which fluctuates due to market conditions. However, the Corporation is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Corporation manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.

Collateral pledged to repurchase agreements by remaining maturity are as follows:

	September 30, 2022
Repurchase Agreements	Remaining Contractual Maturity of the Agreements
	Overnight						Greater
	and		Up to 30		30 - 90		than 90
(Dollar amounts in thousands)	continuous		days		days		days		Total
Mortgage Backed Securities - Residential and Collateralized Mortgage Obligations	$	81,431	$	—	$	—	$	4,540	$	85,971

	December 31, 2021
Repurchase Agreements	Remaining Contractual Maturity of the Agreements
	Overnight						Greater
	and		Up to 30		30 - 90		than 90
(Dollar amounts in thousands)	continuous		days		days		days		Total
Mortgage Backed Securities - Residential and Collateralized Mortgage Obligations	$	83,576	$	—	$	5,816	$	707	$	90,099