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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables) | 9 Months Ended
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Sep. 30, 2018
Disclosure of Repurchase Agreements [Abstract] |
Securities Sold Under Agreements to Repurchase |
Securities sold under agreements to repurchase (repurchase agreements) as of the dates indicated consisted of the following:
| September 30, 2018 |  | December 31, 2017
(Dollars in thousands) |  |  |  |  |
Short-term fixed-rate repurchase agreement with a rate of 1.53% | $ | - |  | $ | 100,000
Long-term fixed-rate repurchase agreements, |  |  |  |  |
interest rate of 2.26% (2017-1.96% to 2.26%) (1)(2) |  | 100,000 |  |  | 200,000
|  | $ | 100,000 |  | $ | 300,000
(1) | Reported net of securities purchased under agreements to repurchase (reverse repurchase agreements) by counterparty, when applicable, pursuant to ASC Topic 210-20-45-11.
(2) | During the third quarter of 2018, the call option on a $100 million repurchase agreement that carried a cost of 1.96% was exercised. Subsequent to September 30, 2018, the lender had the option to call another repurchase agreement, which was not exercised.
Repurchase agreements mature as follows:
|  |  | September 30, 2018
|  |  | (In thousands)
| Three to four years | $ | 100,000
Repurchase agreements as of September 30, 2018, grouped by counterparty, were as follows: |
|  | (Dollars in thousands) |  |  |  |  | Weighted-Average |
|  | Counterparty |  | Amount |  | Maturity (In Months) |
|  | JP Morgan Chase |  | $ | 100,000 |  | 40 |

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- Definition The entire disclosure for repurchase agreements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(m)(1)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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