Securities Sold under Agreements to Repurchase

3 Months Ended

Mar. 31, 2017

Securities Sold under Agreements to Repurchase [Abstract]

Securities Sold under Agreements to Repurchase

5.  Securities Sold under Agreements to Repurchase

Included in short-term borrowings at March 31, 2017 was $444.8 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 Companymaintains 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 limited.