Repurchase Agreements

9 Months Ended

Sep. 30, 2025

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:


	September 30, 2025
	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
U.S. Treasury federal agencies	$	—	$	—	$	—	$	—	$	—
U.S. government agency mortgage-backed securities	86,966		—		—		—		86,966


Private labeled mortgage-backed pools	—		—		—		—		—
Total Repurchase Agreements	$	86,966	$	—	$	—	$	—	$	86,966
Repurchase Agreements subject to offsetting arrangements									—


	December 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
U.S. Treasury federal agencies	$	34,191	$	—	$	—	$	—	$	34,191
U.S. government agency mortgage-backed securities	55,721		—		—		—		55,721
Private labeled mortgage-backed pools	$	—	$	—	$	—	$	—	$	—
Total Repurchase Agreements	$	89,912	$	—	$	—	$	—	$	89,912
Repurchase Agreements subject to offsetting arrangements									—

Securities sold under agreements to repurchase are secured by securities with a carrying amount of $90.1 million and $96.8 million at September 30, 2025 and December 31, 2024, respectively.