Securities Sold Under Agreements to Repurchase

3 Months Ended

Mar. 31, 2022

Federal Funds Purchased And Securities Sold Under Agreements To Repurchase [Abstract]

Securities Sold Under Agreements to Repurchase

7. Securities Sold Under Agreements to Repurchase

The Company utilizes repurchase agreements to facilitate the needs of customers and to facilitate secured short-term funding needs. Repurchase agreements are stated at the amount of cash received in connection with the transaction. The Company monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with the Company’s safekeeping agents.

The table below presents the remaining contractual maturities of repurchase agreements outstanding at March 31, 2022 and December 31, 2021, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands):

	As of March 31, 2022
	Remaining Contractual Maturities of the Agreements
	Overnight		2-29 Days		30-90 Days		Over 90 Days		Total
Repurchase agreements, secured by:
U.S. Treasury	$	74,523	$	—	$	—	$	—	$	74,523
U.S. Agencies		2,210,192		171,106		298,422		500		2,680,220
Total repurchase agreements	$	2,284,715	$	171,106	$	298,422	$	500	$	2,754,743

	As of December 31, 2021
	Remaining Contractual Maturities of the Agreements
	2-29 Days		30-90 Days		Over 90 Days		Total
Repurchase agreements, secured by:
U.S. Agencies	$	2,820,788	$	404,800	$	250	$	3,225,838
Total repurchase agreements	$	2,820,788	$	404,800	$	250	$	3,225,838