Balance Sheet Offsetting

9 Months Ended

Sep. 30, 2021

Note 7. Balance Sheet Offsetting

The following table presents the fair value of the related collateral pledged against repurchase agreements as of September 30, 2021, and December 31, 2020.

	Remaining Contractual Maturity of Repurchase Agreements
(dollars in thousands)	Up to 90 days		91-365 days		1-3 Years		After 3 Years		Total
September 30, 2021
Class of Collateral Pledged:
Debt Securities Issued by States and Political Subdivisions	$	—	$	—	$	—	$	490	$	490
Mortgage-Backed Securities:
Residential - Government Agencies		—		—		43,461		13,602		57,063
Residential - U.S. Government-Sponsored Enterprises		—		—		231,539		161,398		392,937
Total	$	—	$	—	$	275,000	$	175,490	$	450,490
December 31, 2020
Class of Collateral Pledged:
Debt Securities Issued by States and Political Subdivisions	$	100	$	—	$	—	$	490	$	590
Mortgage-Backed Securities: ¹
Residential - Government Agencies		—		—		20,210		83,599		103,809
Residential - U.S. Government-Sponsored Enterprises		—		—		4,790		491,401		496,191
Total	$	100	$	—	$	25,000	$	575,490	$	600,590

¹ The class of collateral pledged as of December 31, 2020, have been updated to properly reflect the remaining contractual maturity of repurchase agreements.

The following table presents the assets and liabilities subject to an enforceable master netting arrangement, or repurchase agreements as of September 30, 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. 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
September 30, 2021
Assets:
Interest Rate Swap Agreements:
Institutional Counterparties	$	22	$	—	$	22	$	22	$	—	$	—

Liabilities:
Interest Rate Swap Agreements:
Institutional Counterparties	$	8,297	$	—	$	8,297	$	22	$	53,265	$	(44,990	)
Repurchase Agreements:
Private Institutions		450,000		—		450,000		—		450,000		—
Government Entities		490		—		490		—		490		—
	$	450,490	$	—	$	450,490	$	—	$	450,490	$	—
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 $538.1 million and $635.2 million as of September 30, 2021, and December 31, 2020, respectively. For repurchase agreements with government entities, the fair value of investment securities pledged was $1.5 million and $2.5 million as of September 30, 2021, and December 31, 2020, respectively.