Short-Term Borrowings and Long-Term Debt (Tables)
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12 Months Ended |
Dec. 31, 2014
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Short-Term Borrowings and Long-Term Debt [Abstract] |
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Schedule of Short-term Debt |
Short-term borrowings as of December 31, 2014, 2013 and 2012 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 | | 2014 | | 2013 | | 2012 | | 2014 | | 2013 | | 2012 | | (in thousands) | Federal funds purchased | $ | 6,219 |
| | $ | 582,436 |
| | $ | 592,470 |
| | $ | 577,581 |
| | $ | 848,179 |
| | $ | 636,562 |
| Short-term FHLB advances (1) | 70,000 |
| | 400,000 |
| | — |
| | 600,000 |
| | 600,000 |
| | 25,000 |
| Customer repurchase agreements | 158,394 |
| | 175,621 |
| | 156,238 |
| | 244,729 |
| | 215,305 |
| | 258,734 |
| Customer short-term promissory notes | 95,106 |
| | 100,572 |
| | 119,691 |
| | 95,106 |
| | 115,129 |
| | 152,570 |
| | $ | 329,719 |
| | $ | 1,258,629 |
| | $ | 868,399 |
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Schedule of Repurchase Agreements |
The following table presents information related to customer repurchase agreements: | | | | | | | | | | | | | | 2014 | | 2013 | | 2012 | | (dollars in thousands) | Amount outstanding as of December 31 | $ | 158,394 |
| | $ | 175,621 |
| | $ | 156,238 |
| Weighted average interest rate at year end | 0.13 | % | | 0.12 | % | | 0.16 | % | Average amount outstanding during the year | $ | 197,432 |
| | $ | 186,851 |
| | $ | 206,842 |
| Weighted average interest rate during the year | 0.10 | % | | 0.11 | % | | 0.12 | % |
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Schedule of Long-term Debt Instruments |
FHLB advances and long-term debt included the following as of December 31: | | | | | | | | | | 2014 | | 2013 | | (in thousands) | FHLB advances | $ | 673,107 |
| | $ | 513,854 |
| Subordinated debt | 300,000 |
| | 200,000 |
| Junior subordinated deferrable interest debentures | 171,136 |
| | 171,136 |
| Unamortized issuance costs and other | (4,830 | ) | | (1,406 | ) | | $ | 1,139,413 |
| | $ | 883,584 |
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Schedule of Maturities of Long-term Debt |
The following table summarizes the scheduled maturities of FHLB advances and long-term debt as of December 31, 2014 (in thousands): | | | | | Year | | 2015 | $ | 184,950 |
| 2016 | 236,015 |
| 2017 | 314,702 |
| 2018 | — |
| 2019 | 127,007 |
| Thereafter | 276,739 |
| | $ | 1,139,413 |
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Schedule of Subordinated Borrowing |
The following table provides details of the debentures as of December 31, 2014 (dollars in thousands): | | | | | | | | | | | | | | | | Debentures Issued to | Fixed/ Variable | | Interest Rate | | Amount | | Maturity | | Callable | | Call Price | Columbia Bancorp Statutory Trust | Variable | | 2.91 | % | | $ | 6,186 |
| | 06/30/34 | | 03/31/14 | | 100.0 | Columbia Bancorp Statutory Trust II | Variable | | 2.13 | % | | 4,124 |
| | 03/15/35 | | 03/15/14 | | 100.0 | Columbia Bancorp Statutory Trust III | Variable | | 2.01 | % | | 6,186 |
| | 06/15/35 | | 03/15/14 | | 100.0 | Fulton Capital Trust I | Fixed | | 6.29 | % | | 154,640 |
| | 02/01/36 | | N/A | | N/A | | | | | | $ | 171,136 |
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N/A – Not applicable. |