Balance Sheet Offsetting (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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
December 31, 2020
Class of Collateral Pledged:
Debt Securities Issued by States and Political Subdivisions	$	100	$	—	$	—	$	490	$	590
Mortgage-Backed Securities:
Residential - Government Agencies		—		—		83,599		20,210		103,809
Residential - U.S. Government-Sponsored Enterprises		—		—		491,401		4,790		496,191
Total	$	100	$	—	$	575,000	$	25,490	$	600,590

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 December 31, 2020, and December 31, 2019. The swap agreements we have 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 ¹		Net Amount
December 31, 2020
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties	$	5	$	—	$	5	$	5	$	—	$	—

Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties		17,202		—		17,202		5		7,911		9,286

Repurchase Agreements:
Private Institutions		600,000		—		600,000		—		600,000		—
Government Entities		590		—		590		—		590		—
Total Repurchase Agreements	$	600,590	$	—	$	600,590	$	—	$	600,590	$	—

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		—
Total Repurchase Agreements	$	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 $635.2 million and $645.3 million as of December 31, 2020, and December 31, 2019, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $2.5 million and $5.5 million as of December 31, 2020, and December 31, 2019, respectively.