Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2020

Brokers and Dealers [Abstract]

Securities Sold Under Agreements to Repurchase

11. Securities Sold Under Agreements to Repurchase

The following is a summary of securities sold under agreements to repurchase as of December 31,

	2020			2019			2018
(dollars in thousands)
Amount outstanding at December 31	$	232,090		$	266,045		$	154,240
Weighted average rate at December 31		0.34	%		0.96	%		0.82	%
Maximum amount outstanding at any month end	$	253,980		$	307,235		$	174,150
Daily average balance outstanding during the year	$	221,609		$	224,361		$	147,944
Weighted average rate during the year		0.62	%		1.05	%		0.66	%

Amounts outstanding at December 31, 2020, 2019, and 2018 carried maturity dates of the next business day. U.S. Government Sponsored Enterprise securities with a total amortized cost of $226,942,000, $264,737,000, and $160,576,000 were pledged as collateral and held by custodians to secure the agreements at December 31, 2020, 2019, and 2018, respectively. The approximate fair value of the collateral at those dates was $234,125,000, $265,687,000, and $156,369,000, respectively.