Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2023

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

Note 10—Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

Federal funds purchased and securities sold under agreements to repurchase generally mature within one to three days from the transaction date, but may have maturities as long as nine months per our policies. Certain of the borrowings have no defined maturity date.

Federal Funds Purchased

Information concerning federal funds purchased is summarized below:

Federal Funds Purchased	December 31,
	2023			2022			2021
(Dollars in thousands)	Amount		Rate	Amount		Rate	Amount		Rate
At period-end:
Federal funds purchased	$	248,162	5.32%	$	213,597	4.31%	$	381,195	0.08%
Average for the year:
Federal funds purchased	$	225,642	5.08%	$	278,251	1.35%	$	482,471	0.09%
Maximum month-end balance:
Federal funds purchased	$	268,346		$	370,876		$	508,248

Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase (“repurchase agreements”) represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. Repurchase agreements are subject to terms and conditions of the master repurchase agreements between the Company and the client and are accounted for as secured borrowings. The Company monitors the fair value of the underlying securities on a daily basis. Some securities underlying these agreements include arrangements to resell securities from broker-dealers approved by the Company. Repurchase agreements are reflected at the amount of cash received in connection with the transaction and included in federal funds purchased and securities sold under agreements to repurchase on the consolidated balance sheets.

At December 31, 2023 and December 31, 2022, the Company’s repurchase agreements totaled $241.0 million and $342.8 million, respectively. All of the Company’s repurchase agreements were overnight or continuous (until-further-notice) agreements at December 31, 2023 and December 31, 2022. These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a carrying value of $410.4 million and $443.2 million at December 31, 2023 and December 31, 2022, respectively. Declines in the value of the collateral would require the Company to increase the amounts of securities pledged. Information concerning securities sold under agreements to repurchase is summarized below:

Securities Sold Under Repurchase Agreements	December 31,
	2023			2022			2021
(Dollars in thousands)	Amount		Rate	Amount		Rate	Amount		Rate
At period-end:
Securities sold under repurchase agreements	$	241,022	2.10%	$	342,820	0.40%	$	400,044	0.16%
Average for the year:
Securities sold under repurchase agreements	$	317,879	1.30%	$	395,141	0.19%	$	395,498	0.20%
Maximum month-end balance:
Securities sold under repurchase agreements	$	386,627		$	458,580		$	435,302