Customer Repurchase Agreements

12 Months Ended

Dec. 31, 2025

Statistical Disclosure for Banks [Abstract]

Customer Repurchase Agreements

Customer Repurchase Agreements

The Company’s obligation to repurchase securities sold at December 31, 2025 and 2024 totaled $945.8 million and $906.8 million, respectively. These are short-term borrowings that generally have one day maturities. Information concerning securities sold under agreements to repurchase during the year is as follows:

	December 31,
	2025			2024
	(dollars in thousands)
Average monthly balance during the year	$	888,197		865,928
Maximum month-end balance during the year	946,635			919,153
Average interest rate during the year	2.22		%	2.39	%

Assets and liabilities relating to securities purchased under agreements to resell and securities sold under agreements to repurchase (“customer repurchase agreements”) are presented gross in the consolidated balance sheet and the Company is not party to any offsetting arrangements associated with these agreements. Resale and repurchase agreements to purchase/sell securities are subject to an obligation to resell/repurchase the same or similar securities and are accounted for as collateralized financing transactions, not as sales and purchases of the securities portfolio. The securities collateral accepted or pledged in resale and repurchase agreements with other financial institutions also may be sold or re-pledged by the secured party but is usually delivered to and held by third party trustees.

The table below shows the remaining contractual maturities of repurchase agreements outstanding at December 31, 2025, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings.

	December 31, 2025
	Remaining contractual maturity of the agreements
	Overnight and continuous		Up to 90 days		Greater than 90 days		Total
	(dollars in thousands)
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	29,667	$	-	$	-	$	29,667
Government-sponsored enterprise obligations	9,181		-		-		9,181
Mortgage-backed securities	906,962		-		-		906,962
Total repurchase agreements, gross amount recognized	$	945,811	$	-	$	-	$	945,811