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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 9 Months Ended
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Sep. 30, 2018
Disclosure of Repurchase Agreements [Abstract] |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | NOTE 17 – 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
As of September 30, 2018 and December 31, 2017, the securities underlying such agreements were delivered to the dealers with which the repurchase agreements were transacted.
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 (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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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