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Securities Sold Under Repurchase Agreements

12 Months Ended

Dec. 31, 2024

Securities Sold Under Repurchase Agreements

Securities Sold Under Repurchase Agreements

(7) 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 $616,208,000 and $469,152,000 during 2024 and 2023, respectively, and the maximum amount outstanding at any month end during 2024 and 2023 was $713,772,000 and $544,418,000, respectively.

Further information related to repurchase agreements at December 31, 2024 and 2023 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, 2024 term:
Overnight agreements		$	775,760		$	687,091		$	523,152		3.09	%
1 to 29 days			15,872			13,604			11,100		4.75
30 to 90 days			—			—			—		—
Over 90 days			1,914			1,871			1,070		4.00
Total		$	793,546		$	702,566		$	535,322		3.12	%
December 31, 2023 term:
Overnight agreements		$	667,647		$	587,673		$	518,650		3.76	%
1 to 29 days			24,842			20,454			10,696		4.50
30 to 90 days			—			—			—		—
Over 90 days			1,623			1,574			1,070		4.00
Total		$	694,112		$	609,701		$	530,416		3.78	%

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.