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SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)

9 Months Ended

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