Securities Sold Under Agreements to RepurchaseSecurities Sold Under Agreements to Repurchase • April 29th, 2015
As of December 31, 2013 the balance of securities sold under agreements to repurchase included a wholesale repurchase agreement with a broker that was repaid in full at maturity in 2014. After a fixed rate period, the borrowing converted to a floating rate at 9.00% minus 3-month London Interbank Offered Rate (LIBOR) measured on a quarterly basis with a 5.15% cap and a 0.0% floor. This repurchase agreement was collateralized by agency securities maintained in safekeeping with the broker.
