Securities Sold Under Agreements to Repurchase

3 Months Ended

Mar. 31, 2017

Transfers and Servicing [Abstract]

Securities Sold Under Agreements to Repurchase

NOTE 14 – SECURITES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase are secured borrowings. The Company pledges investment securities to secure these borrowings. The following table presents securities sold under agreements to repurchase and related weighted-average interest rates at or for the three months ended March 31:

(dollars in thousands)	2017			2016
Outstanding at March 31,	$	345,550		$	379,060
Average amount outstanding		331,400			386,044
Maximum amount outstanding at any month-end		345,550			396,695
Weighted average interest rate:
During the three months ended March 31,		0.31	%		0.39	%
At March 31,		0.35			0.39

The following table presents the contractual maturity of our secured borrowings and class of collateral pledged:

	At March 31, 2017
	Remaining Contractual Maturity of the Agreements
	Overnight and		Up to				Greater Than
(dollars in thousands)	Continuous		30 Days		30-90 Days		90 days		Total
Repurchase Agreements:
U.S. Treasury and agency securities	$	320,550	$	—	$	—	$	25,000	$	345,550
Total	$	320,550	$	—	$	—	$	25,000	$	345,550

The fair value of securities pledged to secure repurchase agreements may decline. The Company has pledged securities valued at 106% of the gross outstanding balance of repurchase agreements at March 31, 2017 to manage this risk.