SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9 Months Ended

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