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Securities Sold Under Repurchase Agreements

12 Months Ended

Dec. 31, 2021

Securities Sold Under Repurchase Agreements

(8) Securities Sold Under Repurchase Agreements

Our Subsidiary Banks have entered into repurchase agreements with individual customers of the Subsidiary Banks. The purchasers have agreed to resell to the Subsidiary Banks identical securities upon the maturities of the agreements. Securities sold under repurchase agreements were mortgage-backed securities and averaged $411,611,000 and $335,392,000 during 2021 and 2020, respectively, and the maximum amount outstanding at any month end during 2021 and 2020 was $443,980,000 and $428,148,000 respectively.

Further information related to repurchase agreements at December 31, 2021 and 2020 is set forth in the following table:


	Collateral Securities				Repurchase Borrowing
	Book Value of		Fair Value of		Balance of		Weighted Average
	Securities Sold		Securities Sold		Liability		Interest Rate

	(Dollars in Thousands)
December 31, 2021 term:
Overnight agreements	$	500,495	$	492,026	$	428,235	0.16	%
1 to 29 days		—		—		—	—
30 to 90 days		—		—		—	—
Over 90 days		11,452		11,229		11,437	0.48
Total	$	511,947	$	503,255	$	439,672	0.17	%
December 31, 2020 term:
Overnight agreements	$	506,020	$	507,164	$	416,757	0.13	%
1 to 29 days		—		—		—	—
30 to 90 days		—		—		—	—
Over 90 days		11,684		11,641		11,391	0.43
Total	$	517,704	$	518,805	$	428,148	0.14	%

The book value and fair value of securities sold includes the entire book value and fair value of securities partially or fully pledged under repurchase agreements.