8. Transfers of Financial Assets

The Company’s transfers of financial assets with continuing interest may include pledges of collateral to secure public deposits and repurchase agreements, FHLB and FRB borrowing capacity, automated clearing house (“ACH”) transactions and interest rate swaps.

For public deposits and repurchase agreements, the Company enters into bilateral agreements with the entity to pledge investment securities as collateral in the event of default. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default. The counterparty has the right to sell or repledge the investment securities. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional investment securities. For transfers of assets with the FHLB and the FRB, the Company enters into bilateral agreements to pledge loans and investment securities as collateral to secure borrowing capacity. For ACH transactions, the Company enters into bilateral agreements to collateralize possible daylight overdrafts. For interest rate swaps, the Company enters into bilateral agreements to pledge collateral when either party is in a negative fair value position to mitigate counterparty credit risk. Counterparties to ACH transactions, certain interest rate swaps, the FHLB and the FRB do not have the right to sell or repledge the collateral.

The carrying amounts of the assets pledged as collateral to secure public deposits, borrowing arrangements and other transactions as of December 31, 2017 and 2016 were as follows:


(dollars in thousands)	2017		2016
Public deposits	$	2,800,690	$	2,521,761
Federal Home Loan Bank		2,388,702		2,097,233
Federal Reserve Bank		914,454		935,672
Repurchase agreements		—		10,066
ACH transactions		151,526		152,394
Interest rate swaps		27,502		30,399
Total	$	6,282,874	$	5,747,525

As the Company did not enter into reverse repurchase agreements, no collateral was accepted as of December 31, 2017 and 2016. In addition, no debt was extinguished by in-substance defeasance.

As of December 31, 2017, the Company did not have any repurchase agreements. A disaggregation of the gross amount of recognized liabilities for repurchase agreements by the class of collateral pledge as of December 31, 2016 was as follows:


	December 31, 2016
	Remaining Contractual Maturity of the Agreements
	Up to				Greater than
(dollars in thousands)	30 days		30-90 days		90 days		Total
Government agency collateralized mortgage obligations	$	1,200	$	—	$	4,951	$	6,151
Government-sponsored enterprises mortgage-backed securities		—		2,000		1,000		3,000
Gross amount of recognized liabilities for repurchase agreements in Note 10	$	1,200	$	2,000	$	5,951	$	9,151