BORROWINGS

Following is a summary of short-term borrowings:


	June 30, 2014		December 31, 2013
Securities sold under repurchase agreements	$	751,066	$	841,741
Federal funds purchased		624,000		270,000
Subordinated notes		129,444		129,498

	$	1,504,510	$	1,241,239

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.

Following is a summary of long-term debt:


	June 30, 2014		December 31, 2013
Federal Home Loan Bank advances	$	250,070	$	50,076
Subordinated notes		85,784		84,637
Other subordinated debt		—		8,637
Convertible debt		—		578

	$	335,854	$	143,928

The Corporation’s banking affiliate has available credit with the FHLB of $3,695,372 of which $690,070 was used as of June 30, 2014. These advances are secured by loans collateralized by residential mortgages, HELOCs, commercial real estate and FHLB stock and are scheduled to mature in various amounts periodically through the year 2019. Effective interest rates paid on these advances ranged from 0.95% to 4.19% for the six months ended June 30, 2014 and 1.06% to 4.19% for the year ended December 31, 2013.