Repurchase Agreements

9 Months Ended

Sep. 30, 2016

Disclosure of Repurchase Agreements [Abstract]

Repurchase Agreements

Note 21 – Repurchase Agreements

Securities sold under agreements to repurchase ("repurchase agreements") represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. Repurchase agreements are subject to terms and conditions of the master repurchase agreements between the Company and the client and are accounted for as secured borrowings. Repurchase agreements are included in federal funds purchased and securities sold under agreements to repurchase on the condensed consolidated balance sheets.

At September 30,  2016, December 31, 2015 and September 30,  2015, the Company's repurchase agreement totaled $238.6 million, $219.9 million, and $213.5 million, respectively. All of the Company’s repurchase agreements were overnight or continuous (until-further-notice) agreements at September 30, 2016, December 31, 2015 and September 30, 2015.  These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a carrying value of $238.6 million, $219.9 million and $213.5 million at September 30, 2016, December 31, 2015 and September 30, 2015, respectively. Declines in the value of the collateral would require the Company to increase the amounts of securities pledged.