Balance Sheet Offsetting (Tables)

9 Months Ended

Sep. 30, 2020

Remaining Contractual Maturities of Repurchase Agreements by Class of Collateral Pledged

The following table presents the remaining contractual maturities of the Company’s repurchase agreements as of September 30, 2020, and December 31, 2019, disaggregated by the class of collateral pledged.

	Remaining Contractual Maturity of Repurchase Agreements
(dollars in thousands)	Up to 90 days		91-365 days		1-3 Years		After 3 Years		Total
September 30, 2020
Class of Collateral Pledged:
Debt Securities Issued by States and Political Subdivisions	$	—	$	100	$	—	$	490.0	$	590.0
Mortgage-Backed Securities:
Residential - Government Agencies		1,516		—		22,158		93,933		117,607
Residential - U.S. Government-Sponsored Enterprises		—		—		2,842		481,067		483,909
Total	$	1,516	$	100	$	25,000	$	575,490	$	602,106
December 31, 2019
Class of Collateral Pledged:
Debt Securities Issued by the U.S. Treasury and Government Agencies	$	—	$	—	$	199,173	$	38,065	$	237,238
Debt Securities Issued by States and Political Subdivisions		1,200		1,100		—		490		2,790
Mortgage-Backed Securities:
Residential - Government Agencies		—		1,516		25,827		88,391		115,734
Residential - U.S. Government-Sponsored Enterprises		—		—		—		248,544		248,544
Total	$	1,200	$	2,616	$	225,000	$	375,490	$	604,306

Schedule of Assets and Liabilities Subject to an Enforceable Master Netting Arrangement or Repurchase Agreements

The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements, as of September 30, 2020, and December 31, 2019. The swap agreements the Company has with our commercial banking customers are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table. As previously mentioned, centrally cleared swap agreements between the Company and institutional counterparties are also excluded from this table.

	(i)		(ii)		(iii) = (i)-(ii)		(iv)				(v) = (iii)-(iv)
							Gross Amounts Not Offset in the Statements of Condition
(dollars in thousands)	Gross Amounts Recognized in the Statements of Condition		Gross Amounts Offset in the Statements of Condition		Net Amounts Presented in the Statements of Condition		Netting Adjustments per Master Netting Arrangements		Fair Value of Collateral Pledged/ Received ¹		Net Amount
September 30, 2020
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties	$	5	$	—	$	5	$	5	$	—	$	—
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties		19,161		—		19,161		5		8,962		10,194
Repurchase Agreements:
Private Institutions		600,000		—		600,000		—		600,000		—
Government Entities		2,106		—		2,106		—		2,106		—
	$	602,106	$	—	$	602,106	$	—	$	602,106	$	—
December 31, 2019
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties	$	584	$	—	$	584	$	584	$	—	$	—
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties		5,361		—		5,361		584		3,818		959
Repurchase Agreements:
Private Institutions		600,000		—		600,000		—		600,000		—
Government Entities		4,306		—		4,306		—		4,306		—
	$	604,306	$	—	$	604,306	$	—	$	604,306	$	—

The application of collateral cannot reduce the net amount below zero. Therefore, excess collateral is not reflected in this table. For repurchase agreements with private institutions, the fair value of investment securities pledged was $634.6 million and $645.3 million as of September 30, 2020, and December 31, 2019, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $4.3 million and $5.5 million as of September 30, 2020, and December 31, 2019, respectively.