Securities Sold Under Agreements to Repurchase

9 Months Ended

Sep. 30, 2012

Securities Sold Under Agreements to Repurchase

Securities Sold Under Agreements to Repurchase

Note 5. Securities Sold Under Agreements to Repurchase

The Company enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Company may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Company to repurchase the assets. As a result, securities sold under agreements to repurchase are accounted for as collateralized financing arrangements and not as a sale and subsequent repurchase of securities. The obligation to repurchase the securities is reflected as a liability in the Company's consolidated statements of condition, while the securities underlying the securities sold under agreements to repurchase remain in the respective asset accounts and are delivered to and held as collateral by third party trustees.

As of September30, 2012, the contractual maturities of the Company's securities sold under agreements to repurchase were as follows:

(dollarsinthousands)	Amount
Overnight	$	-
2 to 30 Days	41,631
31 to 90 Days	13,599
Over 90 Days	762,850
Total	$	818,080