(10) Borrowed Funds

Borrowed funds at December 31, 2012 and 2011 are summarized as follows (in thousands):


	2012		2011
Securities sold under repurchase agreements	$	295,616		361,833
FHLB line of credit		—		30,000
FHLB advances		507,648		518,347
Federal funds purchased		—		10,000

	$	803,264		920,180

FHLB advances are at fixed rates and mature between February 2013 and November 2018. These advances are secured by loans receivable and investment securities under a blanket collateral agreement.

Scheduled maturities of FHLB advances at December 31, 2012 are as follows (in thousands):


	2012
Due in one year or less	$	32,515
Due after one year through two years		132,770
Due after two years through three years		179,299
Due after three years through four years		102,850
Due after four years through five years		60,000
Thereafter		214

	$	507,648

Scheduled maturities of securities sold under repurchase agreements at December 31, 2012 are as follows (in thousands):


	2012
Due in one year or less	$	125,616
Due after one year through two years		—
Due after two years through three years		15,000
Due after three years through four years		75,000
Due after four years through five years		25,000
Thereafter		55,000

	$	295,616

The following tables set forth certain information as to Borrowed Funds for the years ended December 31, 2012 and 2011 (in thousands):


	Maximum balance		Average balance		Weighted average interest rate
2012:
Securities sold under repurchase agreements	$	357,164		319,031		2.04	%
FHLB line of credit		178,000		29,004		0.39
FHLB advances		518,215		516,440		2.51
Federal funds purchased		—		253		1.00
2011:
Securities sold under repurchase agreements	$	366,460		338,839		2.18	%
FHLB line of credit		64,000		9,918		0.47
FHLB advances		585,234		560,420		2.81
Federal funds purchased		10,000		353		0.50

Securities sold under repurchase agreements include wholesale borrowing arrangements, as well as arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses securities available for sale to pledge as collateral for the repurchase agreements.