| Outstanding Repurchase Agreements |
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 |
|
|
| Remaining Contractual Maturity of Securities Sold Under Agreements to Repurchase by Class of Collateral Pledged |
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 Presented on a Net 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 |
|
|