Short-Term Borrowings

12 Months Ended

Dec. 31, 2012

Short-term Debt [Abstract]

Short-Term Borrowings

Short-Term Borrowings

Short-term borrowings were as follows:

December 31 (In thousands)	2012		2011
Securities sold under agreements to repurchase and federal funds purchased	$	244,168	$	240,594
Federal Home Loan Bank advances	100,000		23,000
Total short-term borrowings	$	344,168	$	263,594

The outstanding balances for all short-term borrowings as of December 31, 2012 and 2011 and the weighted-average interest rates as of and paid during each of the years then ended were as follows:

(In thousands)	Repurchase agreements and Federal Funds Purchased			Federal Home Loan Bank Advances			Demand Notes Due U.S. Treasury and Other
2012
Ending balance	$	244,168		$	100,000		—
Highest month-end balance	302,946			100,000			—
Average daily balance	257,341			1,320			—
Weighted-average interest rate:
As of year-end	0.23		%	0.38		%	—
Paid during the year	0.26		%	0.28		%	—
2011
Ending balance	$	240,594		$	23,000		—
Highest month-end balance	265,412			232,000			—
Average daily balance	246,145			51,392			—
Weighted-average interest rate:
As of year-end	0.29		%	0.04		%	—
Paid during the year	0.30		%	0.18		%	—

At December 31, 2012 and 2011, FHLB advances were collateralized by investment securities owned by the Corporation’s subsidiary banks and by various loans pledged under a blanket agreement by the Corporation’s subsidiary banks.

See Note 4 of these Notes to Consolidated Financial Statements for the amount of investment securities that are pledged. At December 31, 2012 and 2011, $2,053 million and $2,231 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by Park’s subsidiary banks.

Note 4 states that $667 million and $669 million of securities were pledged to secure repurchase agreements as of December 31, 2012 and 2011, respectively. Park’s repurchase agreements in short-term borrowings consist of customer accounts and securities which are pledged on an individual security basis. Park’s repurchase agreements with a third-party financial institution are classified in long-term debt. See Note 10 of these Notes to Consolidated Financial Statements.