Short And Long-term Funding

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Short and long-term funding

NOTE 8: Short and Long-Term Funding

The components of short-term funding (funding with original contractual maturities of one year or less) and long-term funding (funding with original contractual maturities greater than one year) were as follows.

			March 31,		December 31,
			2014		2013
			($ in Thousands)
Short-Term Funding
Federal funds purchased		$	391,075	$	56,195
Securities sold under agreements to repurchase			548,179		419,247
	Federal funds purchased and securities sold under agreements to repurchase		939,254		475,442
FHLB advances			225,000		200,000
Commercial paper			83,652		65,484
	Other short-term funding		308,652		265,484
	Total short-term funding	$	1,247,906	$	740,926
Long-Term Funding
FHLB advances		$	2,500,288	$	2,500,297
Senior notes, at par			430,000		585,000
Other long-term funding and capitalized costs			1,752		1,970
	Total long-term funding	$	2,932,040	$	3,087,267
Total short and long-term funding		$	4,179,946	$	3,828,193

Short-term funding:

The FHLB advances included in short-term funding are those with original contractual maturities of one year or less. The securities sold under agreements to repurchase represent short-term funding which is collateralized by securities of the U.S. Government or its agencies and mature daily.

Long-term funding:

FHLB advances:At March 31, 2014, the long-term FHLB advances had a weighted-average interest rate of 0.11%, compared to 0.10% at December 31, 2013.During the fourth quarter of 2013, the Corporation executed $2.5 billion of five year, variable rate FHLB advances that are putable, at our option, without penalty after six months. The FHLB advances are indexed to the FHLB discount note plus 6 basis points and reprice at varying intervals, including $1.0 billion repricing at four week intervals, $750 million repricing at 13 week intervals, and $750 million repricing daily. The advances offer flexible, low cost, long-term funding that improves the Corporation's liquidity profile.

Senior notes: In March 2011, the Corporation issued $300 million of senior notes at a discount. In September 2011, the Corporation issued an additional $130 million of senior notes at a premium. The 2011 senior note issuances mature on March 28, 2016 and have a fixed coupon interest rate of 5.125%.In September 2012, the Corporation issued $155 million of senior notes at a discount. The Corporation redeemed the 2012 senior notes during February 2014.