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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9 Months Ended

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