Securities Sold Under Repurchase Agreements

12 Months Ended

Dec. 31, 2017

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 securities and averaged $402,396,000 and $759,458,000 during 2017 and 2016, respectively, and the maximum amount outstanding at any month end during 2017 and 2016 was $514,616,000 and $819,155,000 respectively.

Further information related to repurchase agreements at December 31, 2017 and 2016 is set forth in the following table:


	Collateral Securities				Repurchase Borrowing
	Book Value of		Fair Value of		Balance of		Weighted Average
	Securities Sold		Securities Sold		Liability		Interest Rate
	(Dollars in Thousands)
December 31, 2017 term:
Overnight agreements	$	340,054	$	334,506	$	242,824	0.25	%
1 to 29 days		—		—		—	—
30 to 90 days		109,300		107,238		100,000	3.99
Over 90 days		11,327		11,168		10,981	0.74
Total	$	460,681	$	452,912	$	353,805	1.32	%
December 31, 2016 term:
Overnight agreements	$	295,282	$	292,286	$	190,915	0.15	%
1 to 29 days		10,250		10,148		9,863	0.50
30 to 90 days		2,315		2,317		2,300	0.33
Over 90 days		382,304		375,060		301,907	4.01
Total	$	690,151	$	679,811	$	504,985	2.46	%

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.