13. Repurchase Agreements

The Company can raise additional liquidity by entering into repurchase agreements at its discretion. In a security repurchase agreement transaction, the Company will generally sell a security, agreeing to repurchase either the same or substantially identical security on a specified later date, at a greater price than the original sales price. The difference between the sale price and purchase price is the cost of the proceeds, which is recorded as interest expense on the consolidated statement of income. The securities underlying the agreements are delivered to counterparties as security for the repurchase obligations. Since the securities are treated as collateral and the agreement does not qualify for a full transfer of effective control, the transactions does not meet the criteria to be classified as a sale, and is therefore considered a secured borrowing transaction for accounting purposes. Payments on such borrowings are interest only until the scheduled repurchase date. In a repurchase agreement the Company is subject to the risk that the purchaser may default at maturity and not return the securities underlying the agreements. In order to minimize this potential risk, the Company either deals with established firms when entering into these transactions or with customers whose agreements stipulate that the securities underlying the agreement are not delivered to the customer and instead are held in segregated safekeeping accounts by the Company's safekeeping agents.

The tables below sets forth information regarding the Company’s repurchase agreements accounted for as secured borrowings and types of collateral at December 31, 2015 and 2014:



	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater than 90 Days		Total
December 31, 2015
Customer Repurchase Agreements:
Obligations of states and political subdivisions	$	556	$	—	$	—	$	—	$	556
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	95,967		—		—		—		95,967
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	88,466		—		—		—		88,466
Total Customer Repurchase Agreements	184,989		—		—		—		184,989
Wholesale Repurchase Agreements:
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	—		—		—		22,016		22,016
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	—		—		—		8,036		8,036
Total Wholesale Repurchase Agreements	—		—		—		30,052		30,052
Total Repurchase Agreements⁽¹⁾	$	184,989	$	—	$	—	$	30,052	$	215,041


(1)	Total repurchase agreements are presented within other borrowed funds on the consolidated statements of condition.



	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30 - 90 Days		Greater than 90 Days		Total
December 31, 2014
Customer Repurchase Agreements:
Obligations of states and political subdivisions	$	—	$	—	$	—	$	—	$	—
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	63,527		—		—		—		63,527
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	94,231		—		—		—		94,231
Total Customer Repurchase Agreements	157,758		—		—		—		157,758
Wholesale Repurchase Agreements:
Mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises	—		—		—		20,626		20,626
Collateralized mortgage obligations issued or guaranteed by U.S. government-sponsored enterprises	—		—		—		9,471		9,471
Total Wholesale Repurchase Agreements	—		—		—		30,097		30,097
Total Repurchase Agreements⁽¹⁾	$	157,758	$	—	$	—	$	30,097	$	187,855


(1)	Total repurchase agreements are presented within other borrowed funds on the consolidated statements of condition.

Certain customers held CDs totaling $914,000 with the Bank at December 31, 2015 that were collateralized by CMO and MBS securities that were overnight repurchase agreements. These arrangements did not exist at December 31, 2014.

Certain counterparties monitor collateral, and may request additional collateral to be posted from time to time.