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Balance Sheet Offsetting | 9 Months Ended
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Sep. 30, 2021
Offsetting [Abstract] |
Balance Sheet Offsetting | Note 7. Balance Sheet Offsetting The following table presents the fair value of the related collateral pledged against repurchase agreements as of September 30, 2021, and December 31, 2020.
|  | Remaining Contractual Maturity of Repurchase Agreements |
(dollars in thousands) |  | Up to 90 days |  |  | 91-365 days |  |  | 1-3 Years |  |  | After 3 Years |  |  | Total |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class of Collateral Pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by States and Political Subdivisions |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 490 |  |  | $ | 490 |
Mortgage-Backed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies |  |  | — |  |  |  | — |  |  |  | 43,461 |  |  |  | 13,602 |  |  |  | 57,063 |
Residential - U.S. Government-Sponsored Enterprises |  |  | — |  |  |  | — |  |  |  | 231,539 |  |  |  | 161,398 |  |  |  | 392,937 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 275,000 |  |  | $ | 175,490 |  |  | $ | 450,490 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class of Collateral Pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by States and Political Subdivisions |  | $ | 100 |  |  | $ | — |  |  | $ | — |  |  | $ | 490 |  |  | $ | 590 |
Mortgage-Backed Securities: 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies |  |  | — |  |  |  | — |  |  |  | 20,210 |  |  |  | 83,599 |  |  |  | 103,809 |
Residential - U.S. Government-Sponsored Enterprises |  |  | — |  |  |  | — |  |  |  | 4,790 |  |  |  | 491,401 |  |  |  | 496,191 |
Total |  | $ | 100 |  |  | $ | — |  |  | $ | 25,000 |  |  | $ | 575,490 |  |  | $ | 600,590 |
1 The class of collateral pledged as of December 31, 2020, have been updated to properly reflect the remaining contractual maturity of repurchase agreements. The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements as of September 30, 2021, and December 31, 2020. The swap agreements the Company has with our commercial banking customers are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table. Centrally cleared swap agreements between the Company and institutional counterparties are also excluded from this table. See Note 11 Derivative Financial Instruments for more information on swap agreements.
|  | (i) |  |  | (ii) |  |  | (iii) = (i)-(ii) |  |  | (iv) |  |  | (v) = (iii)-(iv) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Statements of Condition |  |  |  |  |
(dollars in thousands) |  | Gross Amounts Recognized in the Statements of Condition |  |  | Gross Amounts Offset in the Statements of Condition |  |  | Net Amounts Presented in the Statements of Condition |  |  | Netting Adjustments per Master Netting Arrangements |  |  | Fair Value of Collateral Pledged/ Received 1 |  |  | Net Amount |
September 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Counterparties |  | $ | 22 |  |  | $ | — |  |  | $ | 22 |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Counterparties |  | $ | 8,297 |  |  | $ | — |  |  | $ | 8,297 |  |  | $ | 22 |  |  | $ | 53,265 |  |  | $ | (44,990 | )
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Institutions |  |  | 450,000 |  |  |  | — |  |  |  | 450,000 |  |  |  | — |  |  |  | 450,000 |  |  |  | — |
Government Entities |  |  | 490 |  |  |  | — |  |  |  | 490 |  |  |  | — |  |  |  | 490 |  |  |  | — |
|  | $ | 450,490 |  |  | $ | — |  |  | $ | 450,490 |  |  | $ | — |  |  | $ | 450,490 |  |  | $ | — |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Counterparties |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Counterparties |  |  | 17,202 |  |  |  | — |  |  |  | 17,202 |  |  |  | 5 |  |  |  | 7,911 |  |  |  | 9,286 |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Institutions |  |  | 600,000 |  |  |  | — |  |  |  | 600,000 |  |  |  | — |  |  |  | 600,000 |  |  |  | — |
Government Entities |  |  | 590 |  |  |  | — |  |  |  | 590 |  |  |  | — |  |  |  | 590 |  |  |  | — |
|  | $ | 600,590 |  |  | $ | — |  |  | $ | 600,590 |  |  | $ | — |  |  | $ | 600,590 |  |  | $ | — |
1 | The application of collateral cannot reduce the net amount below zero. Therefore, excess collateral is not reflected in this table. For repurchase agreements with private institutions, the fair value of investment securities pledged was $538.1 million and $635.2 million as of September 30, 2021, and December 31, 2020, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $1.5 million and $2.5 million as of September 30, 2021, and December 31, 2020, respectively.

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