Other Borrowings

3 Months Ended

Mar. 31, 2015

The following table summarizes the Company’s borrowings as of March 31, 2015 and December 31, 2014:



	March 31, 2015		December 31, 2014
	(in thousands)
Short-Term:
Revolving line of credit	$	—	$	25,000
FHLB advances	16,949		96,987
Other short-term debt	58,280		58,182
Total short-term borrowings	$	75,229	$	180,169
Long-Term:
FHLB advances	$	200,000	$	210,094
Total long-term borrowings	$	200,000	$	210,094

The Company maintains other lines of credit with correspondent banks totaling $70.0 million, of which $25.0 million is secured by pledged securities and $45.0 million is unsecured. As of March 31, 2015, there were no outstanding balances on the Company's lines of credit. At December 31, 2014, the Company had revolving lines of credit with other institutions with outstanding advances totaling $25.0 million, at an interest rate of 1.75%. In addition, the Bank has entered into federal funds credit line agreements with correspondent banks under which it can borrow up to $100.0 million on an unsecured basis. There were no amounts outstanding on these lines of credit as of March 31, 2015 and December 31, 2014. The lending institutions will determine the interest rate charged on funds at the time of the borrowing.

The Company maintains lines of credit with the FHLB and FRB. The Company’s borrowing capacity is determined based on collateral pledged, generally consisting of investment securities and loans, at the time of the borrowing. At March 31, 2015, there were $16.9 million of FHLB advances classified as short-term with a weighted average interest rate of 1.91%. At December 31, 2014, short-term FHLB advances of $97.0 million had a weighted average interest rate of 1.24%.

The Company has also issued 10% Senior Notes with a remaining principal balance of $58.4 million and a carrying value of $58.3 million at March 31, 2015, maturing in September 2015. The weighted average interest rate on all short-term debt is 8.20% at March 31, 2015, compared to 4.15% at December 31, 2014.

At March 31, 2015, there was $200.0 million of FHLB advances classified as long-term, with a weighted average interest rate of 1.04%. The weighted average interest rate on long-term debt was 1.06% at December 31, 2014. As of March 31, 2015 and December 31, 2014, the Company had additional available credit with the FHLB of approximately $1.06 billion and $935.0 million, respectively, and with the FRB of approximately $1.21 billion and $1.15 billion, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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