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Federal Funds Purchased and Securities Sold Under Agreements to Repurchase
12 Months Ended
Dec. 31, 2016
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase  
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

Note 10—Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

Federal funds purchased and securities sold under agreements to repurchase generally mature within one to three days from the transaction date, but may have maturities as long as nine months per our policies. Certain of the borrowings have no defined maturity date. Information concerning federal funds purchased and securities sold under agreements to repurchase are below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2016

 

2015

 

2014

 

(Dollars in thousands)

 

Amount

 

Rate

 

Amount

 

Rate

 

Amount

 

Rate

 

At period-end:

    

 

    

    

    

    

 

    

    

    

    

 

    

    

    

 

Federal funds purchased and securities sold under repurchase agreements

 

$

313,773

 

0.24

%  

$

288,231

 

0.19

%  

$

221,541

 

0.14

%

Average for the year:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased and securities sold under repurchase agreements

 

$

320,901

 

0.18

%  

$

291,428

 

0.14

%  

$

253,948

 

0.14

%

Maximum month-end balance:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal funds purchased and securities sold under repurchase agreements

 

$

334,260

 

 

 

$

320,373

 

 

 

$

321,733

 

 

 

 

Securities Sold Under Agreements to Repurchase

 

Securities sold under agreements to repurchase ("repurchase agreements") represent funds received from customers, generally on an overnight or continuous basis, which are collateralized by investment securities owned or, at times, borrowed and re-hypothecated by the Company. Repurchase agreements are subject to terms and conditions of the master repurchase agreements between the Company and the client and are accounted for as secured borrowings. The Company monitors the fair value of the underlying securities on a daily basis. Some securities underlying these agreements include arrangements to resell securities from broker‑dealers approved by the Company. Repurchase agreements are reflected at the amount of cash received in connection with the transaction and included in federal funds purchased and securities sold under agreements to repurchase on the condensed consolidated balance sheets.

 

At December 31, 2016 and December 31, 2015, the Company's repurchase agreement totaled $238.3 million and $219.9 million, respectively. All of the Company’s repurchase agreements were overnight or continuous (until-further-notice) agreements at December 31, 2016 and December 31, 2015.  These borrowings were collateralized with government, government-sponsored enterprise, or state and political subdivision-issued securities with a carrying value of $238.3 million and $219.9 million at December 31, 2016 and December 31, 2015, respectively. Declines in the value of the collateral would require the Company to increase the amounts of securities pledged.