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Securities Sold under Agreements to Repurchase
6 Months Ended
Jun. 30, 2016
Securities Sold under Agreements to Repurchase [Abstract]  
Securities Sold under Agreements to Repurchase

4.  Securities Sold under Agreements to Repurchase

Included in short-term borrowings at June 30, 2016 was $409.5 million of customer securities sold under agreements to repurchase (“repurchase agreements”) that mature daily and were secured by agency securities.  The Company borrows funds on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury management services offered to its deposit customers. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be carried on the consolidated statements of financial condition. Because the Company acts as borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is very limited.