SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

3 Months Ended

Sep. 30, 2014

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

NOTE 14 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase (repurchase agreements) consist of the following:
		September 30,		December 31,
		2014 (1)		2013
		(Dollars in thousands)
Repurchase agreements, interest rates ranging from 2.45% to 4.50%
(December 31, 2013 - 2.45% to 3.32%)		$	900,000	$	900,000
(1)	As of September 30, 2014, includes $800 million with an average rate of 3.07% that lenders have the right to call before their contractual maturities at various dates beginning on October 9, 2014. Subsequent to September 30, 2014, no lender has exercised its call option on repurchase agreements. In addition, $600 million of the $900 million is tied to variable rates.

Repurchase agreements mature as follows:
		September 30, 2014
		(In thousands)
	Over one year to three years	$	600,000
	Three to five years		300,000
	Total	$	900,000

As of September 30, 2014 and December 31, 2013, the securities underlying such agreements were delivered to the dealers with which the repurchase agreements were transacted.

Repurchase agreements as of September 30, 2014, grouped by counterparty, were as follows:
	(Dollars in thousands)			Weighted-Average
	Counterparty	Amount		Maturity (In Months)
	Citigroup Global Markets	$	300,000	25
	JP Morgan Chase		200,000	29
	Dean Witter / Morgan Stanley		100,000	37
	Credit Suisse First Boston		300,000	39
		$	900,000