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Securities Sold Under Repurchase Agreements | 12 Months Ended
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Dec. 31, 2011
Securities Sold Under Repurchase Agreements |
Securities Sold Under Repurchase Agreements |
(8) Securities Sold Under Repurchase Agreements The Company's bank subsidiaries have entered into repurchase agreements with an investment banking firm and individual customers of the bank subsidiaries. The purchasers have agreed to resell to the bank subsidiaries identical securities upon the maturities of the agreements. Securities sold under repurchase agreements were mortgage-backed book entry securities and averaged $1,415,769,000 and $1,479,734,000 during 2011 and 2010, respectively, and the maximum amount outstanding at any month end during 2011 and 2010 was $1,437,480,000 and $1,520,714,000, respectively. Further information related to repurchase agreements at December 31, 2011 and 2010 is set forth in the following table:
|  | Collateral Securities |  | Repurchase Borrowing |
--- | --- | --- | --- | --- | ---
|  | Book Value of Securities Sold |  | Fair Value of Securities Sold |  | Balance of Liability |  | Weighted Average Interest Rate |
|  | (Dollars in Thousands) |
December 31, 2011 term: |  |  |  |  |  |  |  |  |  |  |  |  |
Overnight agreements |  | $ | 377,620 |  | $ | 388,304 |  | $ | 245,026 |  |  | .32 | %
1 to 29 days |  |  | 13,772 |  |  | 14,227 |  |  | 10,263 |  |  | 1.13 |
30 to 90 days |  |  | 45,512 |  |  | 48,177 |  |  | 30,095 |  |  | 1.12 |
Over 90 days |  |  | 1,236,021 |  |  | 1,285,811 |  |  | 1,063,245 |  |  | 3.72 |
Total |  | $ | 1,672,925 |  | $ | 1,736,519 |  | $ | 1,348,629 |  |  | 3.02 | %
December 31, 2010 term: |  |  |  |  |  |  |  |  |  |  |  |  |
Overnight agreements |  | $ | 432,252 |  | $ | 426,112 |  | $ | 311,333 |  |  | .60 | %
1 to 29 days |  |  | 26,714 |  |  | 27,177 |  |  | 16,308 |  |  | 1.15 |
30 to 90 days |  |  | 44,443 |  |  | 45,438 |  |  | 30,167 |  |  | 1.69 |
Over 90 days |  |  | 1,243,634 |  |  | 1,279,248 |  |  | 1,075,462 |  |  | 3.71 |
Total |  | $ | 1,747,043 |  | $ | 1,777,975 |  | $ | 1,433,270 |  |  | 2.97 | %
The book value and fair value of securities sold includes the entire book value and fair value of securities partially or fully pledged under repurchase agreements.

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6862952&loc=d3e113969-111729 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph m Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 140 -Paragraph 17 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(m)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 + Details
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