Repurchase Agreements

9 Months Ended

Sep. 30, 2023

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements

Repurchase AgreementsThe 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:

	September 30, 2023
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Repurchase Agreements and repurchase-to-maturity transactions
Federal agency collateralized mortgage obligations	$	8,346	$	—	$	—	$	—	$	8,346
Federal agency mortgage–backed pools	125,391		—		—		—		125,391
Private labeled mortgage–backed pools	8,757		—		—		—		8,757
Total borrowings	$	142,494	$	—	$	—	$	—	$	142,494

	December 31, 2022
	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 Days		Total
Repurchase Agreements and repurchase-to-maturity transactions
Federal agency collateralized mortgage obligations	$	12,632	$	—	$	—	$	—	$	12,632
Federal agency mortgage–backed pools	116,041		—		—		—		116,041
Private labeled mortgage–backed pools	9,198		—		—		—		9,198
Total borrowings	$	137,871	$	—	$	—	$	—	$	137,871

Securities sold under agreements to repurchase are secured by securities with a carrying amount of $154.8 million and $160.5 million at September 30, 2023 and December 31, 2022, respectively.