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Securities Sold Under Agreements To Repurchase
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities Sold Under Agreements To Repurchase Securities Sold Under Agreements to Repurchase
The following table presents information regarding securities sold under agreements to repurchase as of December 31, 2023 and 2022:
(dollars in thousands)Repurchase AmountWeighted Average Interest RateCarrying Value of Underlying AssetsMarket Value of Underlying Assets
December 31, 2023$252,119 2.38 %$358,162 $358,162 
December 31, 2022$308,769 0.19 %$456,922 $456,922 

The securities underlying agreements to repurchase entered into by the Bank are for the same securities originally sold, which are U.S. agencies, obligations of states and political subdivisions, mortgage-backed securities, and collateralized mortgage obligations, with a one-day maturity. In all cases, the Bank maintains control over the securities. Investment securities are pledged as collateral in an amount equal to or greater than the repurchase agreements.

The following table presents the average and maximum balances for the years ended December 31, 2023, 2022, and 2021:
(dollars in thousands)202320222021
Average balance during the period$267,688 $451,612 $454,992 
Maximum month end balance during period$304,605 $532,449 $537,581