SECURITIES SOLD UNDER REVERSE REPURCHASE AGREEMENTS AND SHORT-TERM BORROWINGS

3 Months Ended

Mar. 31, 2021

SECURITIES SOLD UNDER REVERSE REPURCHASE AGREEMENTS AND SHORT-TERM BORROWINGS

SECURITIES SOLD UNDER REVERSE REPURCHASE AGREEMENTS AND SHORT-TERM BORROWINGS

NOTE 12: SECURITIES SOLD UNDER REVERSE REPURCHASE AGREEMENTS AND SHORT-TERM BORROWINGS

	March 31, 2021		December 31, 2020
	(In Thousands)
Notes payable – Community Development Equity Funds	$	1,216	$	1,518
Other interest-bearing liabilities		1,420		—
Securities sold under reverse repurchase agreements		140,666		164,174
	$	143,302	$	165,692

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 being 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.

	March 31, 2021		December 31, 2020
	Overnight and		Overnight and
	Continuous		Continuous
	(In Thousands)
Mortgage-backed securities – GNMA, FNMA, FHLMC	$	140,666	$	164,174