Balance Sheet Offsetting (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021, and December 31, 2020, disaggregated by the class of collateral pledged.

	Remaining Contractual Maturity of Repurchase Agreements
(dollars in thousands)	Up to 90 days		91-365 days		1-3 Years		After 3 Years		Total
March 31, 2021
Class of Collateral Pledged:
Debt Securities Issued by States and Political Subdivisions	$	—	$	—	$	—	$	490	$	490
Mortgage-Backed Securities:
Residential - Government Agencies		—		—		77,117		17,352		94,469
Residential - U.S. Government-Sponsored Enterprises		—		—		497,883		7,648		505,531
Total	$	—	$	—	$	575,000	$	25,490	$	600,490
December 31, 2020
Class of Collateral Pledged:
Debt Securities Issued by States and Political Subdivisions	$	100	$	—	$	—	$	490	$	590
Mortgage-Backed Securities:
Residential - Government Agencies		—		—		83,599		20,210		103,809
Residential - U.S. Government-Sponsored Enterprises		—		—		491,401		4,790		496,191
Total	$	100	$	—	$	575,000	$	25,490	$	600,590

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 March 31, 2021, and December 31, 2020. 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. As previously mentioned, centrally cleared swap agreements between the Company and institutional counterparties are also excluded from this table.

	(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
March 31, 2021
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties	$	11,627	$	—	$	11,627	$	—	$	7,071	$	4,556
Repurchase Agreements:
Private Institutions		600,000		—		600,000		—		600,000		—
Government Entities		490		—		490		—		490		—
	$	600,490	$	—	$	600,490	$	—	$	600,490	$	—
December 31, 2020
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties	$	5	$	—	$	5	$	5	$	—	$	—
Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties		17,202		—		17,202		5		7,911		9,286
Repurchase Agreements:
Private Institutions		600,000		—		600,000		—		600,000		—
Government Entities		590		—		590		—		590		—
	$	600,590	$	—	$	600,590	$	—	$	600,590	$	—

The application of collateral cannot reduce the net amount below zero. Therefore, excess collateral is not reflected in this table. For repurchase agreements with private institutions, the fair value of investment securities pledged was $631.1 million and $635.2 million as of March 31, 2021, and December 31, 2020, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $2.2 million and $2.5 million as of March 31, 2021, and December 31, 2020, respectively.