Repurchase Agreement Borrowings

9 Months Ended

Sep. 30, 2020

Securities sold under agreements to repurchase ("repurchase agreements") with customers represent funds deposited by customers, generally on an overnight basis, that are collateralized by investment securities owned by Park. Repurchase agreements with customers are included in "Short-term borrowings" on the Consolidated Condensed Balance Sheets.

All repurchase agreements are subject to terms and conditions of repurchase/security agreements between Park and the client and are accounted for as secured borrowings. Park's repurchase agreements consisted of customer accounts and securities which are pledged on an individual security basis.

At September 30, 2020 and December 31, 2019, Park's repurchase agreement borrowings totaled $295 million and $176 million, respectively. These borrowings were collateralized with U.S. government and agency securities with a fair value of $322 million and $200 million at September 30, 2020 and December 31, 2019, respectively. Declines in the value of the collateral would require Park to pledge additional securities. As of September 30, 2020 and December 31, 2019, Park had $421 million and $756 million, respectively, of available unpledged securities.

The table below shows the remaining contractual maturity of repurchase agreements by collateral pledged at September 30, 2020 and December 31, 2019:


	September 30, 2020
(in thousands)	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
U.S. government and agency securities	$	295,435	$	—	$	—	$	—	$	295,435

	December 31, 2019
(in thousands)	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
U.S. government and agency securities	$	175,657	$	—	$	—	$	—	$	175,657