Repurchase Agreements

3 Months Ended

Mar. 31, 2018

Repurchase Agreements

Repurchase Agreements

Note 20 – 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 March 31, 2018, December 31, 2017 and March 31, 2017 the Company's repurchase agreements totaled $269.5 million, $211.1 million, and $272.4 million, respectively. All of the Company’s repurchase agreements were overnight or continuous (until-further-notice) agreements at March 31, 2018, December 31, 2017 and March 31, 2017.  These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a carrying value of $269.5 million, $211.1 million and $272.4 million at March 31, 2018, December 31, 2017 and March 31, 2017, respectively. Declines in the value of the collateral would require the Company to increase the amounts of securities pledged.