Securities Sold Under Agreements to Repurchase

6 Months Ended

Jun. 30, 2017

Transfers and Servicing [Abstract]

Securities Sold Under Agreements to Repurchase

NOTE 14 – SECURITES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase are secured borrowings. The Company pledges investment securities to secure these borrowings. The following table presents securities sold under agreements to repurchase and related weighted-average interest rates at or for the six months ended June 30:

(dollars in thousands)	2017			2016
Outstanding at June 30,	$	298,094		$	354,123
Average amount outstanding		330,285			382,441
Maximum amount outstanding at any month-end		351,897			396,695
Weighted average interest rate:
During the six months ended June 30,		0.36	%		0.40	%
At June 30,		0.41			0.43

The following table presents the contractual maturity of our secured borrowings and class of collateral pledged:

	At June 30, 2017
	Remaining Contractual Maturity of the Agreements
(dollars in thousands)	Overnight and Continuous		Up to 30 Days		30-90 Days		Greater Than 90 days		Total
Repurchase Agreements:
U.S. Treasury and agency securities	$	273,094	$	—	$	—	$	25,000	$	298,094
Total	$	273,094	$	—	$	—	$	25,000	$	298,094

The fair value of securities pledged to secure repurchase agreements may decline. The Company has pledged securities valued at 125% of the gross outstanding balance of repurchase agreements at June 30, 2017 to manage this risk.