

NOTE I – SHORT-TERM BORROWINGS AND LONG-TERM DEBT

Short-term borrowings as of December 31, 2011, 2010 and 2009 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below. The securities underlying the repurchase agreements remain in available for sale investment securities.



	December 31						Maximum Outstanding
	2011		2010		2009		2011		2010		2009
	(in thousands)
Federal funds purchased	$	253,470	$	267,844	$	378,068	$	381,093	$	506,567	$	865,699
Customer repurchase agreements	186,735		204,800		259,458		235,780		279,414		274,546
Customer short-term promissory notes	156,828		201,433		231,414		196,562		243,637		347,401
Federal Reserve Bank borrowings	—		—		—		—		—		200,000
Other	—		—		—		—		—		5,215
	$	597,033	$	674,077	$	868,940

A combination of commercial real estate loans, commercial loans and securities are pledged to the Federal Reserve Bank of Philadelphia to provide access to Federal Reserve Bank Discount Window borrowings. As of December 31, 2011 and 2010, the Corporation had $1.7 billion and $1.5 billion, respectively, of collateralized borrowing availability at the Discount Window, and no outstanding borrowings.

The following table presents information related to customer repurchase agreements:



	2011			2010			2009
	(dollars in thousands)
Amount outstanding as of December 31	$	186,735		$	204,800		$	259,458
Weighted average interest rate at year end	0.12		%	0.28		%	0.42		%
Average amount outstanding during the year	$	208,144		$	252,633		$	254,662
Weighted average interest rate during the year	0.13		%	0.31		%	0.55		%

FHLB advances and long-term debt included the following as of December 31:



	2011			2010
	(in thousands)
FHLB advances	$	666,565		$	736,043
Subordinated debt	200,000			200,000
Junior subordinated deferrable interest debentures	175,260			185,570
Other long-term debt	1,585			1,430
Unamortized issuance costs	(3,261		)	(3,593		)
	$	1,040,149		$	1,119,450

Excluded from the preceding table is the Parent Company’s revolving line of credit with its subsidiary banks. As of December 31, 2011 and 2010, there were no amounts outstanding under this line of credit. This line of credit is secured by equity securities and insurance investments and bears interest at the prime rate minus 1.50%. Although the line of credit and related interest would be eliminated in the consolidated financial statements, this borrowing arrangement is senior to the subordinated debt and the junior subordinated deferrable interest debentures.

FHLB advances mature through March 2027 and carry a weighted average interest rate of 4.14%. As of December 31, 2011, the Corporation had an additional borrowing capacity of approximately $970 million with the FHLB. Advances from the FHLB are secured by FHLB stock, qualifying residential mortgages, investments and other assets.

The following table summarizes the scheduled maturities of FHLB advances and long-term debt as of December 31, 2011 (in thousands):



Year
2012	$	126,852
2013	5,467
2014	6,006
2015	150,855
2016	236,391
Thereafter	514,578
	$	1,040,149

In May 2007, the Corporation issued $100 million of ten-year subordinated notes, which mature on May 1, 2017 and carry a fixed rate of 5.75% and an effective rate of approximately 5.96% as a result of issuance costs. Interest is paid semi-annually in May and November of each year. In March 2005, the Corporation issued $100 million of ten-year subordinated notes, which mature April 1, 2015 and carry a fixed rate of 5.35% and an effective rate of approximately 5.49% as a result of issuance costs. Interest is paid semi-annually in October and April of each year.

The Parent Company owns all of the common stock of five subsidiary trusts, which have issued Trust Preferred Securities in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The Trust Preferred Securities are redeemable on specified dates, or earlier if the deduction of interest for federal income taxes is prohibited, the Trust Preferred Securities no longer qualify as Tier I regulatory capital, or if certain other events arise.

The following table provides details of the debentures as of December 31, 2011 (dollars in thousands):



Debentures Issued to	Fixed/ Variable	Interest Rate		Amount		Maturity	Callable		Callable Price
SVB Eagle Statutory Trust I	Variable	3.73	%	$	4,124	07/31/31	(1	)	100.0
Columbia Bancorp Statutory Trust	Variable	3.23	%	6,186		06/30/34	03/31/12		100.0
Columbia Bancorp Statutory Trust II	Variable	2.44	%	4,124		03/15/35	03/15/12		100.0
Columbia Bancorp Statutory Trust III	Variable	2.32	%	6,186		06/15/35	03/15/12		100.0
Fulton Capital Trust I	Fixed	6.29	%	154,640		02/01/36	N/A		N/A
				$	175,260

(1) Redeemed on January 31, 2012.

N/A – Not applicable.