Note 11: Securities Sold Under Reverse Repurchase Agreements and Short-term Borrowings

9 Months Ended

Sep. 30, 2017

Notes

Note 11: Securities Sold Under Reverse Repurchase Agreements and Short-term Borrowings

NOTE 11: SECURITIES SOLD UNDER REVERSE REPURCHASE AGREEMENTS AND SHORT-TERM BORROWINGS

	September 30, 2017	December 31, 2016
	(In Thousands)
Notes payable – Community Development
Equity Funds	$           1,665	$            1,323
Overnight borrowings from the Federal Home Loan Bank	21,000	171,000
Securities sold under reverse repurchase agreements	130,934	113,700
	$        153,599	$        286,023

The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements).  Reverse repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the statements of financial condition.  The dollar amount of securities underlying the agreements remains in the asset accounts.  Securities underlying the agreements are held by the Bank during the agreement period.  All agreements are written on a term of one-month or less.

The following table represents the Company’s securities sold under reverse repurchase agreements, by collateral type and remaining contractual maturity.

	September 30, 2017	December 31, 2016
	Overnight and	Overnight and
	Continuous	Continuous
	(In Thousands)
FHLBank CD	$           9,631	$          16,202
Mortgage-backed securities – GNMA, FNMA, FHLMC	121,303	97,498
	$       130,934	$       113,700