Repurchase Agreements

3 Months Ended

Mar. 31, 2021

The Company transfers various securities to customers in exchange for cash at the end of each business day and agrees to acquire the securities at the end of the next business day for the cash exchanged plus interest. The process is repeated at the end of each business day until the agreement is terminated. The securities underlying the agreement remained under the Company’s control.

The following table shows repurchase agreements accounted for as secured borrowings and the related securities, at fair value, pledged for repurchase agreements:


	March 31, 2021
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to one year		One to three years		Three to five years		Five to ten years		Beyond ten years		Total
Repurchase Agreements and repurchase-to-maturity transactions
Repurchase Agreements	$	116,011	$	—	$	—	$	—	$	—	$	—	$	116,011
Securities pledged for Repurchase Agreements
Federal agency collateralized mortgage obligations	$	59,030	$	—	$	—	$	—	$	—	$	—	$	59,030
Federal agency mortgage–backed pools	59,994		—		—		—		—		—		59,994
Total	$	119,024	$	—	$	—	$	—	$	—	$	—	$	119,024