Borrowings

9 Months Ended

Sep. 30, 2011

Borrowings [Abstract]

Borrowings

BORROWINGS

Following is a summary of short-term borrowings:

	September 30, 2011		December 31, 2010
Securities sold under repurchase agreements	$	672,866	$	611,902
Subordinated notes		134,477		131,458
Other short-term borrowings		10,000		10,243
	$	817,343	$	753,603

Securities sold under repurchase agreements is comprised of customer repurchase agreements, which are borrowings from commercial customers of FNBPA which are generally renewable on a daily basis. Securities are pledged to these customers in an amount equal to the outstanding balance.

Following is a summary of long-term debt:

	September 30, 2011		December 31, 2010
Federal Home Loan Bank advances	$	136,051	$	118,700
Subordinated notes		77,013		72,745
Other subordinated debt		9,116		—
Convertible debt		608		613
	$	222,788	$	192,058

The Corporation's banking affiliate has available credit with the FHLB of $2,029,170 of which $136,051 was used as of September 30, 2011. These advances are secured by loans collateralized by 1-4 family mortgages and FHLB stock and are scheduled to mature in various amounts periodically through the year 2019. Effective interest rates paid on these advances range from 0.99% to 4.19% for the nine months ended September 30, 2011 and 0.99% to 4.79% for the year ended December 31, 2010.