Repurchase Agreement Borrowings

Securities sold under agreements to repurchase ("repurchase agreements") with customers represent funds deposited by customers, generally on an overnight basis, that are collateralized by investment securities owned by Park. Repurchase agreements with customers are included in short-term borrowings on the Consolidated Balance Sheets. Park's repurchase agreements with a third-party financial institution are classified as long-term debt on the Consolidated Balance Sheets.

All repurchase agreements are subject to the terms and conditions of repurchase/security agreements between Park and the client and are accounted for as secured borrowings. Park's repurchase agreements reflected in short-term borrowings consist of customer accounts and securities which are pledged on an individual security basis.

At December 31, 2017 and December 31, 2016, Park's repurchase agreement borrowings totaled $183 million and $510 million, respectively. At December 31, 2016, $300 million of Park's repurchase agreement borrowings were classified as long-term debt, with the remaining amount being classified as short-term borrowings on the Consolidated Balance Sheets. At December 31, 2017, all repurchase agreements were classified as short-term borrowings. These borrowings were collateralized with U.S. government and agency securities with a fair value of $213 million and $569 million at December 31, 2017 and December 31, 2016, respectively. Declines in the value of the collateral would require Park to pledge additional securities. As of December 31, 2017 and December 31, 2016, Park had $975 million and $640 million, respectively, of available unpledged securities.

The following table presents the carrying value of Park's repurchase agreements by remaining contractual maturity and collateral pledged at December 31, 2017 and December 31, 2016:



	December 31, 2017
(In thousands)	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
U.S. government and agency securities	$	182,185	$	—	$	—	$	1,104	$	183,289

	December 31, 2016
(In thousands)	Remaining Contractual Maturity of the Agreements
	Overnight and Continuous		Up to 30 days		30 - 90 days		Greater than 90 days		Total
U.S. government and agency securities	$	208,691	$	—	$	—	$	301,104	$	509,795

See Note 13 - Short-Term Borrowings for additional information related to repurchase agreements classified as short-term borrowings.