Short-Term Borrowings

12 Months Ended

Dec. 31, 2013

Short-term Debt [Abstract]

Short-Term Borrowings

Short-Term Borrowings

Short-term borrowings were as follows:

December 31 (In thousands)	2013		2012
Securities sold under agreements to repurchase and federal funds purchased	$	242,029	$	244,168
Federal Home Loan Bank advances	—		100,000
Total short-term borrowings	$	242,029	$	344,168

The outstanding balances for all short-term borrowings as of December 31, 2013 and 2012 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			FHLB Advances
2013
Ending balance	$	242,029		$	—
Highest month-end balance	280,863			—
Average daily balance	251,868			1,255
Weighted-average interest rate:
As of year-end	0.19		%	—		%
Paid during the year	0.21		%	0.41		%
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		%

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

See Note 4 of these Notes to Consolidated Financial Statements for the amount of investment securities that are pledged. At December 31, 2013 and 2012, $2,072 million and $2,053 million, respectively, of commercial real estate and residential mortgage loans were pledged under a blanket agreement to the FHLB by Park’s bank subsidiary.

Note 4 states that $648 million and $667 million of securities were pledged to secure repurchase agreements as of December 31, 2013 and 2012, 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 as long-term debt. See Note 10 of these Notes to Consolidated Financial Statements.