Securities Sold Under Agreements to Repurchase

9 Months Ended

Sep. 30, 2018

Securities Sold Under Agreements to Repurchase

7. Securities Sold Under Agreements to Repurchase

The Company utilizes repurchase agreements to facilitate the needs of customers and to facilitate secured short-term funding needs. Repurchase agreements are stated at the amount of cash received in connection with the transaction. The Company monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with the Company’s safekeeping agents.

The table below presents the remaining contractual maturities of repurchase agreements outstanding at September 30, 2018, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands):

	As of September 30, 2018
	Remaining Contractual Maturities of the Agreements
Repurchase agreements, secured by:	2-29 Days		Over 90 Days		Total
U.S. Treasury	$	16,590	$	—	$	16,590
U.S. Agencies		1,174,895		1,500		1,176,395
Total repurchase agreements	$	1,191,485	$	1,500	$	1,192,985