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Repurchase Agreements

3 Months Ended

Mar. 31, 2024

Disclosure of Repurchase Agreements [Abstract]

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 tables show repurchase agreements accounted for as secured borrowings and the related securities, at fair value, pledged for repurchase agreements:


	March 31, 2024
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Repurchase Agreements and repurchase-to-maturity transactions
Federal agency collateralized mortgage obligations	$	2,159	$	—	$	—	$	—	$	2,159
Federal agency mortgage–backed pools	129,818		—		—		—		129,818
Private labeled mortgage–backed pools	7,332		—		—		—		7,332
Total borrowings	$	139,309	$	—	$	—	$	—	$	139,309


	December 31, 2023
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Repurchase Agreements and repurchase-to-maturity transactions
Federal agency collateralized mortgage obligations	$	2,245	$	—	$	—	$	—	$	2,245
Federal agency mortgage–backed pools	126,349		—		—		—		126,349
Private labeled mortgage–backed pools	7,436		—		—		—		7,436
Total borrowings	$	136,030	$	—	$	—	$	—	$	136,030

Securities sold under agreements to repurchase are secured by securities with a carrying amount of $147.6 million and $145.2 million at March 31, 2024 and December 31, 2023, respectively.