Repurchase Agreements

6 Months Ended

Jun. 30, 2023

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements

Repurchase Agreements

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:

	June 30, 2023
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to one year		One to three years		Three to five years		Five to ten years		Beyond ten years		Total
Repurchase Agreements and repurchase-to-maturity transactions
Repurchase Agreements	$	141,656	$	—	$	—	$	—	$	—	$	—	$	141,656
Securities pledged for Repurchase Agreements
Federal agency collateralized mortgage obligations	$	10,687	$	—	$	—	$	—	$	—	$	—	$	10,687
Federal agency mortgage–backed pools	146,036		—		—		—		—		—		146,036
Private labeled mortgage–backed pools	8,909		—		—		—		—		—		8,909
Total	$	165,632	$	—	$	—	$	—	$	—	$	—	$	165,632

	December 31, 2022
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to one year		One to three years		Three to five years		Five to ten years		Beyond ten years		Total
Repurchase Agreements and repurchase-to-maturity transactions
Repurchase Agreements	$	137,871	$	—	$	—	$	—	$	—	$	—	$	137,871
Securities pledged for Repurchase Agreements
Federal agency collateralized mortgage obligations	$	13,882	$	—	$	—	$	—	$	—	$	—	$	13,882
Federal agency mortgage–backed pools	137,646		—		—		—		—		—		137,646
Private labeled mortgage–backed pools	8,989		—		—		—		—		—		8,989
Total	$	160,517	$	—	$	—	$	—	$	—	$	—	$	160,517