Securities Sold Under Repurchase Agreements

12 Months Ended

Dec. 31, 2014

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 $893,830,000 and $1,041,186,000 during 2014 and 2013, respectively, and the maximum amount outstanding at any month end during 2014 and 2013 was $892,341,000 and $1,119,531,000, respectively.

Further information related to repurchase agreements at December 31, 2014 and 2013 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, 2014 term:
Overnight agreements	$	366,731	$	370,704	$	236,077		.16	%
1 to 29 days		3,717		3,781		1,016		.45
30 to 90 days		13,399		13,628		6,705		.38
Over 90 days		743,323		746,305		614,552		3.83

Total	$	1,127,170	$	1,134,418	$	858,350		2.79	%


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	%

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.