Securities Sold Under Agreements to Repurchase (Tables)

6 Months Ended

Jun. 30, 2024

Securities Sold under Agreements to Repurchase [Abstract]

Remaining Contractual Maturities of Repurchase Agreements by Class of Collateral Pledged

The following table presents the remaining contractual maturities of the Company’s repurchase agreements as of June 30, 2024 and December 31, 2023, disaggregated by the class of collateral pledged.

In May 2024, a private institution exercised their right to call on one repurchase agreement with a balance of $50.0 million, resulting in its termination.

	Remaining Contractual Maturity of Repurchase Agreements
(dollars in thousands)	Up to  90 days		91-365 days		1-3 Years		After 3 Years		Total
June 30, 2024
Class of Collateral Pledged:
Debt Securities Issued by States and Political Subdivisions	$	—	$	490	$	—	$	—	$	490
Mortgage-Backed Securities:
Residential - U.S. Government-Sponsored Enterprises		—		—		—		100,000		100,000
Total	$	—	$	490	$	—	$	100,000	$	100,490
December 31, 2023
Class of Collateral Pledged:
Debt Securities Issued by States and Political Subdivisions	$	—	$	490	$	—	$	—	$	490
Mortgage-Backed Securities:
Residential - U.S. Government-Sponsored Enterprises		—		—		—		150,000		150,000
Total	$	—	$	490	$	—	$	150,000	$	150,490

Schedule of Assets and Liabilities Subject to an Enforceable Master Netting Arrangement or Repurchase Agreements

The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements as of June 30, 2024 and December 31, 2023. The swap agreements the Company has with our commercial banking customers are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table. Centrally cleared swap agreements between the Company and institutional counterparties are also excluded from this table. See Note 11 Derivative Financial Instruments for more information on swap agreements.

	(i)		(ii)		(iii) = (i)-(ii)		(iv)				(v) = (iii)-(iv)
							Gross Amounts Not Offset in the Statements of Condition
(dollars in thousands)	Gross Amounts Recognized in the Statements  of Condition		Gross Amounts Offset in the Statements of Condition		Net Amounts Presented in the Statements  of Condition		Netting Adjustments per Master Netting Arrangements		Fair Value of Collateral Pledged/ Received 1		Net Amount
June 30, 2024
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties	$	157,535	$	—	$	157,535	$	157,535	$	—	$	—
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties		6,293		—		6,293		6,293		—		—
Repurchase Agreements:
Private Institutions		100,000		—		100,000		—		100,000		—
Government Entities		490		—		490		—		490		—
Total Repurchase Agreements	$	100,490	$	—	$	100,490	$	—	$	100,490	$	—
December 31, 2023
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties	$	129,147	$	—	$	129,147	$	129,147	$	—	$	—
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties		14,605		—		14,605		14,605		—		—
Repurchase Agreements:
Private Institutions		150,000		—		150,000		—		150,000		—
Government Entities		490		—		490		—		490		—
Total Repurchase Agreements	$	150,490	$	—	$	150,490	$	—	$	150,490	$	—

1 The application of collateral cannot reduce the net amount below zero. Therefore, excess collateral is not reflected in this table. For interest rate swap agreements, the fair value of investment securities pledged was $51.0 million and $39.2 million as of June 30, 2024 and December 31, 2023, respectively. For repurchase agreements with private institutions, the fair value of investment securities pledged was $109.9 million and $167.3 million as of June 30, 2024 and December 31, 2023, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $0.7 million as of June 30, 2024 and December 31, 2023.