Repurchase Agreement Borrowings

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020, Park's repurchase agreement borrowings totaled $280 million and $317 million, respectively. These borrowings were collateralized with U.S. government and agency securities with a fair value of $333 million and $366 million at March 31, 2021 and December 31, 2020, respectively. Declines in the value of the collateral would require Park to pledge additional securities. As of March 31, 2021 and December 31, 2020, Park had $462 million and $439 million, respectively, of available unpledged securities.

The table below shows the remaining contractual maturity of repurchase agreements by collateral pledged at March 31, 2021 and December 31, 2020:


	March 31, 2021
(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	$	280,385	$	—	$	—	$	—	$	280,385

	December 31, 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	$	317,230	$	—	$	—	$	—	$	317,230