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Securities Sold Under Agreements to Repurchase | 12 Months Ended
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Dec. 31, 2021
Securities Sold Under Agreements To Repurchase [Abstract] |
Securities Sold Under Agreements to Repurchase | Note 19. Securities Sold Under Agreements to Repurchase The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. As a result, these repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as sales and subsequent repurchases of securities. The obligation to repurchase the securities is reflected as a liability in the Company’s consolidated statements of condition, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts. As a result, there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities. In addition, as the Company does not enter into reverse Repurchase Agreements, there is no such offsetting to be done with the repurchase agreements. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default (e.g., fail to make an interest payment to the counterparty). For private institution repurchase agreements, if the private institution counterparty were to default (e.g., declare bankruptcy), the Company could cancel the repurchase agreement (i.e., cease payment of principal and interest) and attempt collection on the amount of collateral value in excess of the repurchase agreement fair value. The collateral is held by a third party financial institution in the counterparty’s custodial account. The counterparty has the right to sell or repledge the investment securities. For government entity repurchase agreements, the collateral is held by the Company in a segregated custodial account under a tri-party agreement. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional securities. The Company closely monitors collateral levels to ensure adequate levels are maintained, while mitigating the potential risk of over-collateralization in the event of counterparty default. The following table presents the remaining contractual maturities of the Company’s repurchase agreements as of December 31, 2021, and December 31, 2020, disaggregated by the class of collateral pledged.
|  | Remaining Contractual Maturity of Repurchase Agreements |
(dollars in thousands) |  | Up to 90 days |  |  | 91-365 days |  |  | 1-3 Years |  |  | After 3 Years |  |  | Total |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class of Collateral Pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by States and Political Subdivisions |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 490 |  |  | $ | 490 |
Mortgage-Backed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - Government Agencies |  |  | — |  |  |  | — |  |  |  | 38,685 |  |  |  | 13,407 |  |  |  | 52,092 |
Residential - U.S. Government-Sponsored Enterprises |  |  | — |  |  |  | — |  |  |  | 236,315 |  |  |  | 161,593 |  |  |  | 397,908 |
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 December 31, 2021, and December 31, 2020. The swap agreements that the Company have with our commercial banking customers are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table. As previously mentioned, centrally cleared swap agreements between the Company and institutional counterparties are also excluded from this table.
|  | (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 1 |  |  | Net Amount |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Counterparties |  | $ | 26 |  |  | $ | — |  |  | $ | 26 |  |  | $ | 26 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Counterparties |  |  | 5,948 |  |  |  | — |  |  |  | 5,948 |  |  |  | 26 |  |  |  | 5,922 |  |  |  | — |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Institutions |  |  | 450,000 |  |  |  | — |  |  |  | 450,000 |  |  |  | — |  |  |  | 450,000 |  |  |  | — |
Government Entities |  |  | 490 |  |  |  | — |  |  |  | 490 |  |  |  | — |  |  |  | 490 |  |  |  | — |
Total Repurchase Agreements |  | $ | 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 |  |  |  | — |
Total Repurchase Agreements |  | $ | 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 interest rate swap agreements, the fair value of investment securities pledged was $58.3 million and $7.9 million as of December 31, 2021, and December 31, 2020, respectively. For repurchase agreements with private institutions, the fair value of investment securities pledged was $523.4 million and $635.2 million as of December 31, 2021, and December 31, 2020, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $1.3 million and $2.5 million as of December 31, 2021, and December 31, 2020, respectively.

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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- References No definition available. + Details
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