Securities Sold Under Agreements to Repurchase

6 Months Ended

Jun. 30, 2020

Federal Funds Purchased And Securities Sold Under Agreements To Repurchase [Abstract]

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 June 30, 2020 and December 31, 2019, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands):

	As of June 30, 2020
	Remaining Contractual Maturities of the Agreements
	Overnight		2-29 Days		30-90 Days		Over 90 Days		Total
Repurchase agreements, secured by:
U.S. Agencies	$	1,563,679	$	147,842	$	217,086	$	500	$	1,929,107
Total repurchase agreements	$	1,563,679	$	147,842	$	217,086	$	500	$	1,929,107

	As of December 31, 2019
	Remaining Contractual Maturities of the Agreements
	2-29 Days		30-90 Days		Total
Repurchase agreements, secured by:
U.S. Agencies	$	1,753,870	$	110,765	$	1,864,635
Total repurchase agreements	$	1,753,870	$	110,765	$	1,864,635