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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 9 Months Ended
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Sep. 30, 2025
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | ​ ​ 6. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE ​ SSUAR 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. ​ As of September 30, 2025 and December 31, 2024, all SSUAR had overnight maturities. Information regarding SSUAR follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(dollars in thousands) |  | September 30, 2025 |  |  | December 31, 2024 |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding balance at end of period | ​ | $ | 74,522 | ​ | ​ | $ | 103,318 | ​ | ​
Weighted average interest rate at end of period | ​ |  | 0.62 | % | ​ |  | 0.53 | % | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of securities pledged: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities and U.S. Government agencies | ​ | $ | 99,438 | ​ | ​ | $ | 151,972 | ​ | ​
Total securities pledged | ​ | $ | 99,438 | ​ | ​ | $ | 151,972 | ​ | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended | ​ | ​ | Nine Months Ended | ​
​ |  | September 30, | ​ | ​ | September 30, | ​
(dollars in thousands) |  | 2025 |  | ​ | 2024 |  |  | 2025 |  |  | 2024 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average outstanding balance during the period |  | $ | 73,135 |  | ​ | $ | 73,660 | ​ | ​ | $ | 89,755 |  | ​ | $ | 88,140 | ​ | ​
Weighted average interest rate during the period | ​ | ​ | 0.63 | % | ​ | ​ | 0.76 | % | ​ | ​ | 0.59 | % | ​ | ​ | 0.61 | % | ​
Maximum outstanding at any month end during the period |  | $ | 74,522 |  | ​ | $ | 79,383 | ​ | ​ | $ | 112,826 |  | ​ | $ | 113,281 | ​ | ​
​

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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://www.xbrl.org/2003/role/disclosureRef -Topic 860 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481420/860-30-50-10 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 860 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/860/tableOfContent + Details
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