Short-Term Borrowings

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Short-Term Borrowings

10.    Short-Term Borrowings

Following is a summary of short-term borrowings:

December 31	2013		2012
Securities sold under repurchase agreements	$	841,741	$	807,820
Federal funds purchased		270,000		140,000
Subordinated notes		129,498		135,318
	$	1,241,239	$	1,083,138

Securities sold under repurchase agreements is comprised of customer repurchase agreements, which are sweep accounts with next day maturities utilized by larger commercial customers to earn interest on their funds. Securities are pledged to these customers in an amount equal to the outstanding balance.

The weighted average interest rates on short-term borrowings during 2013, 2012 and 2011 were 0.43%, 0.53% and 0.84%, respectively. The weighted average interest rates on short-term borrowings at December 31, 2013, 2012 and 2011 were 0.41%, 0.47% and 0.71%, respectively.