SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9 Months Ended

Sep. 30, 2016

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

NOTE 16 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase (repurchase agreements) consist of the following:
(Dollars in thousands)		September 30, 2016		December 31, 2015
Repurchase agreements, interest ranging from 1.96% to 3.84%
(December 31, 2015- 1.96% to 3.41%) (1)(2)		$	600,000	$	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 September 30, 2016, includes $500 million with an average rate of 3.56% that lenders have the right to call before their contractual maturities at various dates beginning on October 11, 2016. In addition, $400 million is tied to variable rates.

Repurchase agreements mature as follows:
		September 30, 2016
		(In thousands)
	One month to three months	$	300,000
	One year to three years		100,000
	Over five years		200,000
	Total	$	600,000

As of September 30, 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 September 30, 2016, grouped by counterparty, were as follows:
	(Dollars in thousands)			Weighted-Average
	Counterparty	Amount		Maturity (In Months)
	Citigroup Global Markets	$	300,000	1
	Dean Witter / Morgan Stanley		100,000	13
	JP Morgan Chase		200,000	64
		$	600,000