Short-Term Borrowings and Long-Term Debt

3 Months Ended

Mar. 31, 2018

Short-Term Borrowings and Long-Term Debt


8.	Short-Term Borrowings and Long-Term Debt

The following table represents outstanding short-term borrowings and long-term debt at March 31, 2018 and December 31, 2017:



				Carrying Value
(Dollars in thousands)	Maturity	Principal value at March 31, 2018		March 31, 2018		December 31, 2017
Short-term borrowings:
Short-term FHLB advances	April 2, 2018	$	700,000	$	700,000	$	700,000
Federal funds purchased	April 2, 2018	395,000		395,000		330,000
Other short-term borrowings	(1)	7,140		7,140		3,730
Total short-term borrowings				$	1,102,140	$	1,033,730
Long-term debt:
3.50% Senior Notes	January 29, 2025	$	350,000	$	347,386	$	347,303
5.375% Senior Notes	September 15, 2020	350,000		348,345		348,189
Total long-term debt				$	695,731	$	695,492


(1)	Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor.

Interest expense related to short-term borrowings and long-term debt was $0.4 million and $8.0 million for the three months ended March 31, 2018, respectively. The weighted average interest rate associated with our short-term borrowings was 1.82 percent as of March 31, 2018 and 1.39 percent as of December 31, 2017.

Available Lines of Credit

We have certain facilities in place to enable us to access short-term borrowings on a secured (using loans and AFS securities as collateral) and an unsecured basis. These include repurchase agreements and uncommitted federal funds lines with various financial institutions. As of March 31, 2018, we had borrowings of $395.0 million outstanding against our uncommitted federal funds lines. We also pledge securities to the FHLB of San Francisco and the discount window at the FRB. The fair value of collateral pledged to the FHLB of San Francisco (comprised primarily of loans and U.S. Treasury securities) at March 31, 2018 totaled $3.8 billion, of which $3.1 billion was unused and available to support additional borrowings. The fair value of collateral pledged at the discount window of the FRB (comprised primarily of U.S. Treasury securities and U.S. agency debentures) at March 31, 2018 totaled $1.0 billion, all of which was unused and available to support additional borrowings.