REPURCHASE AGREEMENTS

12 Months Ended

Dec. 31, 2012

REPURCHASE AGREEMENTS

6.            REPURCHASE AGREEMENTS

The Company had outstanding $102.8 billion and $84.1 billion of repurchase agreements with weighted average borrowing rates of 1.53% and 1.59%, after giving effect to the Company’s interest rate swaps, and weighted average remaining maturities of 191 days and 103 days as of December 31, 2012 and December 31, 2011, respectively.  Investment Securities and U.S. Treasury Securities pledged as collateral under these repurchase agreements and interest rate swaps had an estimated fair value and accrued interest of $109.2 billion and $363.8 million at December 31, 2012, respectively, and $91.3 billion and $337.0 million at December 31, 2011, respectively.

At December 31, 2012 and 2011, the repurchase agreements had the following remaining maturities:

	December 31, 2012					December 31, 2011
	Repurchase Agreements		Weighted Average  Rate			Repurchase Agreements		Weighted Average  Rate
	(dollars in thousands)
1 day	$	-		-		$	508,647		0.50	%
2 to 29 days		33,191,448		0. 50	%		33,780,070		0.37	%
30 to 59 days		28,383,851		0.45	%		28,346,380		0.37	%
60 to 89 days		8,602,680		0.42	%		3,699,425		0.93	%
90 to 119 days		4,804,671		0.57	%		6,781,137		0.37	%
Over 120 days		27,803,047		1.03	%		10,982,226		1.39	%
Total	$	102,785,697		0.63	%	$	84,097,885		0.53	%