SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9 Months Ended

Sep. 30, 2017

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

NOTE 17 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase (repurchase agreements) consist of the following:
		September 30, 2017		December 31, 2016
(Dollars in thousands)
Repurchase agreements, interest ranging from 1.96% to 3.26%
(December 31, 2016 - 1.96% to 2.83%) (1)(2)		$	300,000	$	300,000
(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, 2017, includes $200 million with an average rate of 2.11% that lenders have the right to call before their contractual maturities at various dates beginning on July 19, 2017. In addition, $100 million is tied to variable rates.

Repurchase agreements mature as follows:
		September 30, 2017
		(In thousands)
	One month to three months	$	100,000
	Over four to five years		200,000
	Total	$	300,000

As of September 30, 2017 and December 31, 2016, the securities underlying such agreements were delivered to the dealers with which the repurchase agreements were transacted.

Repurchase agreements as of September 30, 2017, grouped by counterparty, were as follows:
	(Dollars in thousands)			Weighted-Average
	Counterparty	Amount		Maturity (In Months)
	Dean Witter / Morgan Stanley	$	100,000	1
	JP Morgan Chase		200,000	52
		$	300,000