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Securities Sold Under Agreements to Repurchase | 9 Months Ended
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Sep. 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 September 30, 2024 and December 31, 2023, 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 |
September 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 September 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 |
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Counterparties |  | $ | 95,695 |  |  | $ | — |  |  | $ | 95,695 |  |  | $ | 95,695 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional Counterparties |  |  | 19,371 |  |  |  | — |  |  |  | 19,371 |  |  |  | 19,371 |  |  |  | — |  |  |  | — |
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 $62.5 million and $39.2 million as of September 30, 2024 and December 31, 2023, respectively. For repurchase agreements with private institutions, the fair value of investment securities pledged w as $112.4 million a nd $167.3 million as of September 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 September 30, 2024 and December 31, 2023.

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