Securities Sold Under Agreements to Repurchase

3 Months Ended

Mar. 31, 2023

Transfers and Servicing [Abstract]

Securities Sold Under Agreements to Repurchase

Loan Servicing

Mortgage loans that are serviced for others are not reported as assets, only the servicing rights are recorded and included in other assets. The following schedules disclose the change in the carrying value of mortgage servicing rights that is included in other assets, principal balances of loans serviced and the fair value of mortgage servicing rights:

(Dollars in thousands)	March 31, 2023		December 31, 2022
Carrying value at beginning of period	$	13,488	12,839
Additions	101		2,461
Amortization	(313)		(1,812)
Carrying value at end of period	$	13,276	13,488
Principal balances of loans serviced for others	$	1,641,897	1,661,294
Fair value of servicing rights	$	19,665	19,716

Securities Sold Under Agreements to Repurchase

The following table summarizes the carrying value of the Company’s securities sold under agreements to repurchase (“repurchase agreements”) by remaining contractual maturity of the agreements and category of collateral:

	Overnight and Continuous
(Dollars in thousands)	March 31, 2023		December 31, 2022
Residential mortgage-backed securities	$	1,191,323	945,916

The repurchase agreements are secured by debt securities with carrying values of $1,444,580,000 and $1,378,962,000 at March 31, 2023 and December 31, 2022, respectively. Securities are pledged to customers at the time of the transaction in an amount at least equal to the outstanding balance and are held in custody accounts by third parties. The fair value of collateral is continually monitored and additional collateral is provided as deemed appropriate.