Short-Term Borrowings

12 Months Ended

Dec. 31, 2011

Short-Term Borrowings [Abstract]

Short-Term Borrowings

9. Short-Term Borrowings

Short-term borrowings were as follows:

December 31 (In thousands)	2011		2010
Securities sold under agreements to repurchase and federal funds purchased	$	240,594	$	279,669
Federal Home Loan Bank advances		23,000		384,000
Total short-term borrowings	$	263,594	$	663,669

The outstanding balances for all short-term borrowings as of December 31, 2011 and 2010 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
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	%		0.40	%		—
Paid during the year		0.30	%		0.18	%		—
2010:
Ending balance	$	279,669		$	384,000		$	—
Highest month-end balance		295,467			384,000			—
Average daily balance		269,260			31,679			—
Weighted-average interest rate:
As of year-end		0.32	%		0.19	%		—
Paid during the year		0.39	%		0.39	%		—

At December 31, 2011 and 2010, Federal Home Loan Bank (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, 2011 and 2010, $2,231 million and $2,071 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 $669 million and $668 million of securities were pledged to secure repurchase agreements as of December 31, 2011 and 2010, 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.