XML 23 R17.htm IDEA: XBRL DOCUMENT
v3.24.2

Securities Sold Under Agreements to Repurchase | 6 Months Ended
--- | ---
Jun. 30, 2024
Securities Sold under Agreements to Repurchase [Abstract] |
Securities Sold Under Agreements to Repurchase | Note 7. Securities Sold Under Agreements to Repurchase The following table presents the remaining contractual maturities of the Company’s repurchase agreements as of June 30, 2024 and December 31, 2023, disaggregated by the class of collateral pledged. In May 2024, a private institution exercised their right to call on one repurchase agreement with a balance of $50.0 million, resulting in its termination.
|  | Remaining Contractual Maturity of Repurchase Agreements |
(dollars in thousands) |  | Up to 90 days |  |  | 91-365 days |  |  | 1-3 Years |  |  | After 3 Years |  |  | Total |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class of Collateral Pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by States and Political Subdivisions |  | $ | — |  |  | $ | 490 |  |  | $ | — |  |  | $ | — |  |  | $ | 490 |
Mortgage-Backed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-Sponsored Enterprises |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100,000 |  |  |  | 100,000 |
Total |  | $ | — |  |  | $ | 490 |  |  | $ | — |  |  | $ | 100,000 |  |  | $ | 100,490 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class of Collateral Pledged: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt Securities Issued by States and Political Subdivisions |  | $ | — |  |  | $ | 490 |  |  | $ | — |  |  | $ | — |  |  | $ | 490 |
Mortgage-Backed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential - U.S. Government-Sponsored Enterprises |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 150,000 |  |  |  | 150,000 |
Total |  | $ | — |  |  | $ | 490 |  |  | $ | — |  |  | $ | 150,000 |  |  | $ | 150,490 |
The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements as of June 30, 2024 and December 31, 2023. 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 |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Counterparties |  | $ | 157,535 |  |  | $ | — |  |  | $ | 157,535 |  |  | $ | 157,535 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Counterparties |  |  | 6,293 |  |  |  | — |  |  |  | 6,293 |  |  |  | 6,293 |  |  |  | — |  |  |  | — |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Institutions |  |  | 100,000 |  |  |  | — |  |  |  | 100,000 |  |  |  | — |  |  |  | 100,000 |  |  |  | — |
Government Entities |  |  | 490 |  |  |  | — |  |  |  | 490 |  |  |  | — |  |  |  | 490 |  |  |  | — |
Total Repurchase Agreements |  | $ | 100,490 |  |  | $ | — |  |  | $ | 100,490 |  |  | $ | — |  |  | $ | 100,490 |  |  | $ | — |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Counterparties |  | $ | 129,147 |  |  | $ | — |  |  | $ | 129,147 |  |  | $ | 129,147 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Counterparties |  |  | 14,605 |  |  |  | — |  |  |  | 14,605 |  |  |  | 14,605 |  |  |  | — |  |  |  | — |
Repurchase Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private Institutions |  |  | 150,000 |  |  |  | — |  |  |  | 150,000 |  |  |  | — |  |  |  | 150,000 |  |  |  | — |
Government Entities |  |  | 490 |  |  |  | — |  |  |  | 490 |  |  |  | — |  |  |  | 490 |  |  |  | — |
Total Repurchase Agreements |  | $ | 150,490 |  |  | $ | — |  |  | $ | 150,490 |  |  | $ | — |  |  | $ | 150,490 |  |  | $ | — |
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 pledg ed was $51.0 million and $39.2 million as of June 30, 2024 and December 31, 2023, respectively. For repurchase agreements with private institutions, the fair value of investment securities pledged w as $109.9 million a nd $167.3 million as of June 30, 2024 and December 31, 2023, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged w as $0.7 million a s of June 30, 2024 and December 31, 2023.

X
- 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 -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//860/tableOfContent + Details
Name: | us-gaap_RepurchaseAgreementsResaleAgreementsSecuritiesBorrowedAndSecuritiesLoanedDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration