Securities Sold Under Agreements to Repurchase

3 Months Ended

Mar. 31, 2022

Securities Sold Under Agreements To Repurchase [Abstract]

Securities Sold Under Agreements to Repurchase

Note 7. Securities Sold Under Agreements to Repurchase

The following table presents the remaining contractual maturities of the Company’s repurchase agreements as of March 31, 2022, and December 31, 2021, 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
March 31, 2022
Class of Collateral Pledged:
Debt Securities Issued by States and Political Subdivisions	$	—	$	—	$	—	$	490	$	490
Mortgage-Backed Securities:
Residential - Government Agencies		—		—		33,710		13,074		46,784
Residential - U.S. Government-Sponsored Enterprises		—		—		241,290		161,926		403,216
Total	$	—	$	—	$	275,000	$	175,490	$	450,490
December 31, 2021
Class of Collateral Pledged:
Debt Securities Issued by States and Political Subdivisions	$	—	$	—	$	—	$	490	$	490
Mortgage-Backed Securities: ¹
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

The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements as of March 31, 2022, and December 31, 2021. 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. Centrally cleared swap agreements between the Company and institutional counterparties are also excluded from this table. See Note 11 Derivative Financial Instruments for more information on swap agreements.

	(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
March 31, 2022
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties	$	2,316	$	—	$	2,316	$	2,316	$	—	$	—

Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties	$	4,408	$	—	$	4,408	$	2,316	$	2,092	$	—
Repurchase Agreements:
Private Institutions		450,000		—		450,000		—		450,000		—
Government Entities		490		—		490		—		490		—
	$	450,490	$	—	$	450,490	$	—	$	450,490	$	—
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		—
	$	450,490	$	—	$	450,490	$	—	$	450,490	$	—

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 $50.4 million and $58.3 million as of March 31, 2022, and December 31, 2021, respectively. For repurchase agreements with private institutions, the fair value of investment securities pledged was $508.2 million and $523.4 million as of March 31, 2022, and December 31, 2021, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $1.1 million and $1.3 million as of March 31, 2022, and December 31, 2021, respectively.