SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

3 Months Ended

Mar. 31, 2016

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

NOTE 15 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase (repurchase agreements) consist of the following:
		March, 31		December 31,
		2016		2015
		(Dollars in thousands)
Repurchase agreements, interest ranging from 1.96% to 3.70%
(December 31, 2015: 1.96% to 3.41%) (1)(2)		$	700,000	$	700,000
(1)	Reported net of securities purchased under agreements to repurchase (reverse repurchase agreements) by counterparty, when applicable, pursuant to ASC 210-20-45-11.
(2)	As of March 31, 2016, includes $600 million with an average rate of 2.88% that lenders have the right to call before their contractual maturities at various dates beginning on July 19, 2016. Subsequent to March 31, 2016, no lender has exercised its call option on repurchase agreements. In addition, $500 million is tied to variable rates.

Repurchase agreements mature as follows:
		March 31, 2016
		(In thousands)
	Over three months to one year	$	400,000
	One year to three years		100,000
	Over five years		200,000
	Total	$	700,000

As of March 31, 2016 and December 31, 2015, the securities underlying such agreements were delivered to the dealers with which the repurchase agreements were transacted.

Repurchase agreements as of March 31, 2016, grouped by counterparty, were as follows:
	(Dollars in thousands)			Weighted-Average
	Counterparty	Amount		Maturity (In Months)
	Credit Suisse First Boston	$	100,000	4
	Citigroup Global Markets		300,000	7
	Dean Witter / Morgan Stanley		100,000	19
	JP Morgan Chase		200,000	70
		$	700,000