Short-Term Borrowings

12 Months Ended

Dec. 31, 2013

Short-term Debt [Abstract]

Short-Term Borrowings

12. SHORT-TERM BORROWINGS

Selected information for federal funds purchased and security repurchase agreements is as follows:

(Amounts in thousands)	2013			2012			2011
Federal funds purchased:
Average amount outstanding	$	150,217		$	280,859		$	312,730
Weighted average rate	0.15		%	0.19		%	0.20		%
Highest month-end balance	$	206,450		$	560,674		$	361,217
Year-end balance	129,131			175,468			214,224
Weighted average rate on outstandings at year-end	0.14		%	0.13		%	0.20		%
Security repurchase agreements:
Average amount outstanding	$	124,929		$	190,365		$	340,015
Weighted average rate	0.05		%	0.04		%	0.05		%
Highest month-end balance	$	137,611		$	264,187		$	393,874
Year-end balance	137,611			145,010			393,874
Weighted average rate on outstandings at year-end	0.05		%	0.04		%	0.06		%
Federal funds purchased and security repurchase agreements at year-end	$	266,742		$	320,478		$	608,098

These short-term borrowings generally mature in less than 30 days. Our participation in security repurchase agreements is on an overnight or term basis (e.g., 30 or 60 days). Certain overnight repurchase agreements are performed with sweep accounts in conjunction with a master repurchase agreement. In this case, securities under our control are pledged for and interest is paid on the collected balance of the customers’ accounts. For term repurchase agreements, securities are transferred to the applicable counterparty. The counterparty, in certain instances, is contractually entitled to sell or repledge securities accepted as collateral. At December 31, 2013, all security repurchase agreements were overnight.

Other short-term borrowings are summarized as follows:

	December 31,
(In thousands)	2013		2012
Senior medium-term notes	$	—	$	4,951
Commercial paper	—		—
Other	—		458
	$	—	$	5,409

Our subsidiary banks may borrow from the FHLB under their lines of credit that are secured under blanket pledge arrangements. The subsidiary banks maintain unencumbered collateral with carrying amounts adjusted for the types of collateral pledged, equal to at least 100% of the outstanding advances. At December 31, 2013, the amount available for FHLB advances was approximately $11.0 billion. At December 31, 2013, no short-term FHLB advances were outstanding.

Our subsidiary banks also borrow from the Federal Reserve through the Term Auction Facility. Amounts that can be borrowed are based on the amount of collateral pledged to a Federal Reserve Bank. At December 31, 2013, the amount available for additional Federal Reserve borrowings was approximately $5.3 billion.