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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

12 Months Ended

Dec. 31, 2023

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS

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10.SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

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Securities sold under agreements to repurchase consist of short-term excess funds from correspondent banks, repurchase agreements and overnight liabilities to deposit clients arising from the Bank’s treasury management program. While comparable to deposits in their transactional nature, these overnight liabilities to clients are in the form of repurchase agreements. Repurchase agreements collateralized by securities are treated as financings; accordingly, the securities involved with the agreements are recorded as assets and are held by a safekeeping agent and the obligations to repurchase the securities are reflected as liabilities. Should the fair value of currently pledged securities fall below the associated repurchase agreements, the Bank would be required to pledge additional securities. To mitigate the risk of under collateralization, the Bank typically pledges at least two percent more in securities than the associated repurchase agreements. All such securities are under the Bank’s control.

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As of December 31, 2023 and 2022, all securities sold under agreements to repurchase had overnight maturities. Additional information regarding securities sold under agreements to repurchase follows:

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​	​	​	​	​	​	​	​	​
December 31, (dollars in thousands)		​	2023			2022
​	​	​	​	​	​	​	​	​
Outstanding balance at end of period	​	​	$	97,618	​	$	216,956	​
Weighted average interest rate at end of period	​	​		0.50	%		0.41	%
​	​	​	​	​	​	​	​	​
Fair value of securities pledged:	​	​	​	​	​	​	​	​
U.S. Treasury securities and U.S. Government agencies	​	​	$	99,530	​	$	254,296	​
Total securities pledged	​	​	$	99,530	​	$	254,296	​

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Additional information regarding securities sold under agreements to repurchase for the years ended December 31, 2023, 2022, and 2021 follows:

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Years Ended December 31, (in thousands)	​	​	2023			2022			2021
​	​	​	​	​	​	​	​	​	​	​	​
Average outstanding balance during the period	​	​	$	134,632	​	$	265,188	​	$	231,430	​
Weighted average interest rate during the period	​	​	​	0.43	%	​	0.15	%		0.03	%
Maximum outstanding at any month end during the period	​	​	$	311,035	​	$	303,315	​	$	432,047	​

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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
-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//860/tableOfContent

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- References

No definition available.

+ Details

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