v3.26.1
Repurchase Agreements
 3 Months Ended
Mar. 31, 2026
Repurchase Agreements [Abstract]  
Repurchase Agreements
Note 4 – Repurchase Agreements

Repurchase agreements are accounted for as secured borrowings.  The following table presents information regarding the balances of our repurchase agreement borrowings as of and for the periods indicated:

(in thousands)
  
Balance Outstanding at
Period End
    
Average Balance
Outstanding For the
Quarter Ended
    
Maximum Balance
Outstanding During the
Quarter Ended
  
March 31, 2026
  
$
298,721
    
$
298,842
    
$
309,054
  
December 31, 2025
  
$
308,799
    
$
291,512
    
$
308,799
  
March 31, 2025
  
$
246,556
    
$
233,470
    
$
246,556
  
At March 31, 2026 and December 31, 2025, we had amounts at risk under repurchase agreements for one customer exceeding 10% of shareholders’ equity with a balance of $148.0 million at each period end and weighted average maturities of 5.9 months and 4.6 months, respectively.

We monitor collateral levels on a continuous basis and maintain records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and we segregate the security from its general assets in accordance with regulations governing custodial holdings of securities.  The primary risk with our repurchase agreements is market risk associated with the securities securing the transactions, as we may be required to provide additional collateral based on fair value changes of the underlying securities.  Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents.  The carrying value of investment securities available-for-sale pledged as collateral under repurchase agreements totaled $365.6 million and $358.1 million at March 31, 2026 and December 31, 2025, respectively.

The remaining contractual maturity of the securities sold under agreements to repurchase by class of collateral pledged included in the accompanying consolidated balance sheets is presented in the following tables:

   
March 31, 2026
  
   
Remaining Contractual Maturity of the Agreements
  
(in thousands)
  
Overnight
and
Continuous
    
Up to
30 days
    
30-90 days
    
Greater
Than
90 days
    
Total
  
Repurchase agreements and
repurchase-to-maturity transactions:
                              
U.S. Treasury and government agencies
  
$
10,642
    
$
0
    
$
0
    
$
11,284
    
$
21,926
  
State and political subdivisions
    
108,461
      
0
      
0
      
15,754
      
124,215
  
Agency mortgage-backed securities
    
40,377
      
0
      
22,000
      
75,360
      
137,737
  
Asset-backed securities
    
3,868
      
0
      
0
      
10,975
      
14,843
  
Total repurchase agreements
  
$
163,348
    
$
0
    
$
22,000
    
$
113,373
    
$
298,721
  

   
December 31, 2025
  
   
Remaining Contractual Maturity of the Agreements
  
(in thousands)
  
Overnight
and
Continuous
    
Up to
30 days
    
30-90 days
    
Greater
Than
90 days
    
Total
  
Repurchase agreements and
repurchase-to-maturity transactions:
                              
U.S. Treasury and government agencies
  
$
18,035
    
$
7
    
$
1,404
    
$
10,042
    
$
29,488
  
State and political subdivisions
    
113,867
      
493
      
9,878
      
6,936
      
131,174
  
Agency mortgage-backed securities
    
36,373
      
0
      
31,020
      
65,272
      
132,665
  
Asset-backed securities
    
4,377
      
0
      
6,998
      
4,097
      
15,472
  
Total repurchase agreements
  
$
172,652
    
$
500
    
$
49,300
    
$
86,347
    
$
308,799
  
Repurchase agreements are subject to underlying agreements with master netting or similar arrangements, which provide for the right of setoff in the event of default or in the event of bankruptcy of either party to the transactions. Repurchase agreements are reported to these arrangements on a gross basis.  The following table presents information regarding repurchase agreements as if it was presented on a net basis.

     
Gross Amount Not Offset
in the Balance Sheet
        
(in thousands)
  
Gross
Amount of
Recognized
Liabilities
    
Gross
Amount
Offset in the
Balance
Sheet
    
Net Amount
of Liabilities
Presented in
the Balance
Sheet
    
Financial
Instruments
Posted as
Collateral
    
Cash Posted
as Collateral
    
Net
Amount
  
March 31, 2026:
                                    
Repurchase agreements
  
$
298,721
    
$
0
    
$
298,721
    
$
(298,721
)
  
$
0
    
$
0
  
                                                 
December 31, 2025:
                                                
Repurchase agreements
  
$
308,799
    
$
0
    
$
308,799
    
$
(308,799
)
  
$
0
    
$
0
  

Amounts disclosed for collateral received or posted include cash and securities up to and not exceeding the net amount of the repurchase agreement liability presented in the balance sheet. The fair value of the total collateral may exceed the amounts presented.  Refer to Note 2 above for the total fair value of financial instruments pledged as collateral for repurchase agreements.