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Securities Sold Under Agreements To Repurchase | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Securities Sold Under Agreements To Repurchase | Securities Sold Under Agreements to Repurchase The following table presents information regarding securities sold under agreements to repurchase as of December 31, 2023 and 2022:
(dollars in thousands) | Repurchase Amount |  | Weighted Average Interest Rate |  | Carrying Value of Underlying Assets |  | Market Value of Underlying Assets
December 31, 2023 | $ | 252,119 |  |  | 2.38 | % |  | $ | 358,162 |  |  | $ | 358,162 |
December 31, 2022 | $ | 308,769 |  |  | 0.19 | % |  | $ | 456,922 |  |  | $ | 456,922 |
The securities underlying agreements to repurchase entered into by the Bank are for the same securities originally sold, which are U.S. agencies, obligations of states and political subdivisions, mortgage-backed securities, and collateralized mortgage obligations, with a one-day maturity. In all cases, the Bank maintains control over the securities. Investment securities are pledged as collateral in an amount equal to or greater than the repurchase agreements. The following table presents the average and maximum balances for the years ended December 31, 2023, 2022, and 2021:
(dollars in thousands) |  | 2023 |  | 2022 |  | 2021
Average balance during the period |  | $ | 267,688 |  |  | $ | 451,612 |  |  | $ | 454,992 |
Maximum month end balance during period |  | $ | 304,605 |  |  | $ | 532,449 |  |  | $ | 537,581 |

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