Securities Sold Under Agreements to Repurchase (Tables)

12 Months Ended

Dec. 31, 2021

Securities Sold Under Agreements To Repurchase [Abstract]

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, 2021, and December 31, 2020, 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, 2021
Class of Collateral Pledged:
Debt Securities Issued by States and Political Subdivisions	$	—	$	—	$	—	$	490	$	490
Mortgage-Backed Securities:
Residential - Government Agencies		—		—		38,685		13,407		52,092
Residential - U.S. Government-Sponsored Enterprises		—		—		236,315		161,593		397,908
Total	$	—	$	—	$	275,000	$	175,490	$	450,490

December 31, 2020
Class of Collateral Pledged:
Debt Securities Issued by States and Political Subdivisions	$	100	$	—	$	—	$	490	$	590
Mortgage-Backed Securities: ¹
Residential - Government Agencies		—		—		20,210		83,599		103,809
Residential - U.S. Government-Sponsored Enterprises		—		—		4,790		491,401		496,191
Total	$	100	$	—	$	25,000	$	575,490	$	600,590

¹ The class of collateral pledged as of December 31, 2020, have been updated to properly reflect the remaining contractual maturity of repurchase agreements.

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, 2021, and December 31, 2020. The swap agreements that the Company 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, 2021
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties	$	26	$	—	$	26	$	26	$	—	$	—

Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties		5,948		—		5,948		26		5,922		—

Repurchase Agreements:
Private Institutions		450,000		—		450,000		—		450,000		—
Government Entities		490		—		490		—		490		—
Total Repurchase Agreements	$	450,490	$	—	$	450,490	$	—	$	450,490	$	—

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	$	—

The application of collateral cannot reduce the net amount below zero. Therefore, excess collateral is not reflected in this table. For interest rate swap agreements, the fair value of investment securities pledged was $58.3 million and $7.9 million as of December 31, 2021, and December 31, 2020, respectively. For repurchase agreements with private institutions, the fair value of investment securities pledged was $523.4 million and $635.2 million as of December 31, 2021, and December 31, 2020, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $1.3 million and $2.5 million as of December 31, 2021, and December 31, 2020, respectively.