Short-Term Borrowings

12 Months Ended

Dec. 31, 2014

Short-Term Borrowings [Abstract]

Short-Term Borrowings

(9) Short-Term Borrowings

Short-term borrowings totaled $316.8 million and $456.0 million at December 31, 2014 and 2013, respectively, and consist of Federal funds purchased and securities sold under repurchase agreements, which generally represent overnight borrowing transactions, and other short-term borrowings, primarily FHLB advances, with original maturities of one year or less.

The Company had unused lines of credit with the FHLB available for short-term financing of approximately $958 million and $497 million at December 31, 2014 and 2013, respectively. Borrowings on these lines are secured by FHLB stock, certain securities and one-to-four family first lien mortgage loans. Securities collateralizing repurchase agreements are held in safekeeping by nonaffiliated  financial  institutions and are under the Company’s control.

Information related to short-term borrowings is summarized as follows:

(In thousands)	2014			2013			2012
Federal funds purchased
Balance at year-end	$	68,000		$	130,000		$	10,000
Average during the year		110,154			39,907			12,658
Maximum month end balance		183,000			130,000			60,000
Weighted average rate during the year		0.29	%		0.26	%		0.27	%
Weighted average rate at December 31		0.34	%		0.18	%		0.27	%
Securities sold under repurchase agreements
Balance at year-end	$	148,802		$	176,042		$	152,941
Average during the year		165,858			169,352			153,084
Maximum month end balance		182,861			185,871			165,977
Weighted average rate during the year		0.06	%		0.06	%		0.10	%
Weighted average rate at December 31		0.06	%		0.05	%		0.10	%
Other short-term borrowings
Balance at year-end	$	100,000		$	150,000		$	-
Average during the year		106,438			71,589			-
Maximum month end balance		320,000			210,000			-
Weighted average rate during the year		0.40	%		0.43	%		0.00	%
Weighted average rate at December 31		0.36	%		0.55	%		0.00	%

See Note 3 for additional information regarding securities pledged as collateral for securities sold under the repurchase agreements.