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Securities Sold Under Agreements to Repurchase | 3 Months Ended
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Mar. 31, 2021
Transfers and Servicing [Abstract] |
Securities Sold Under Agreements to Repurchase | Loan Servicing Mortgage loans that are serviced for others are not reported as assets. The following schedules disclose the change in the carrying value of mortgage servicing rights, principal balances of loans serviced and the fair value of mortgage servicing rights:
(Dollars in thousands) | March 31, 2021 |  | December 31, 2020 |  |
Carrying value at beginning of period | $ | 8,976 |  |  | 1,618 |  |  |
Additions | 1,357 |  |  | 8,298 |  |  |
Amortization | (397) |  |  | (940) |  |  |
Carrying value at end of period | $ | 9,936 |  |  | 8,976 |  |  |
Principal balances of loans serviced for others | $ | 1,377,187 |  |  | 1,269,080 |  |  |
Fair value of servicing rights | $ | 14,263 |  |  | 12,087 |  |  |
Securities Sold Under Agreements to Repurchase The following table summarizes the carrying value of the Company’s securities sold under agreements to repurchase (“repurchase agreements”) by remaining contractual maturity of the agreements and category of collateral:
| Overnight and Continuous
(Dollars in thousands) | March 31, 2021 |  | December 31, 2020
State and local governments | $ | 418,077 |  |  |  |  |  |  | 787,016 |  |  |  |  |
Corporate bonds | 175,522 |  |  |  |  |  |  | 217,567 |  |  |  |  |
Residential mortgage-backed securities | 391,505 |  |  |  |  |  |  | — |  |  |  |  |
Commercial mortgage-backed securities | 11,774 |  |  |  |  |  |  | — |  |  |  |  |
Total | $ | 996,878 |  |  |  |  |  |  | 1,004,583 |  |  |  |  |
The repurchase agreements are secured by debt securities with carrying values of $1,154,580,000 and $1,151,264,000 at March 31, 2021 and December 31, 2020, respectively. Securities are pledged to customers at the time of the transaction in an amount at least equal to the outstanding balance and are held in custody accounts by third parties. The fair value of collateral is continually monitored and additional collateral is provided as deemed appropriate.

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -Subparagraph (c)(3) -URI 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