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Securities Sold Under Repurchase Agreements

12 Months Ended

Dec. 31, 2013

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 $1,041,186,000 and $1,276,831,000 during 2013 and 2012, respectively, and the maximum amount outstanding at any month end during 2013 and 2012 was $1,119,531,000 and $1,412,744,000, respectively.

        Further information related to repurchase agreements at December 31, 2013 and 2012 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, 2013 term:
Overnight agreements		$	332,042		$	341,238		$	209,899			.17	%
1 to 29 days			27,954			28,288			18,666			.40
30 to 90 days			8,106			8,263			3,295			.43
Over 90 days			945,535			940,209			725,521			3.78
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total		$	1,313,637		$	1,317,998		$	957,381			2.91	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​
December 31, 2012 term:
Overnight agreements		$	340,711		$	350,933		$	263,992			.28	%
1 to 29 days			10,378			10,910			6,992			1.10
30 to 90 days			33,619			35,097			22,078			1.05
Over 90 days			1,033,957			1,062,897			836,617			3.73
​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total		$	1,418,665		$	1,459,837		$	1,129,679			2.85	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​

        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.

X

- 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 SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph m

-Article 4



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 860

-SubTopic 30

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=7523297&loc=SL6224234-111729



Reference 3: 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=26873400&loc=d3e23780-122690

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