Short-Term Borrowings

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Short-Term Borrowings

NOTE 15 – SHORT-TERM BORROWINGS

Short-term borrowings at December 31 are summarized as follows:

(Dollars in thousands)	2014		2013
Federal Home Loan Bank advances	$	603,000	$	375,000
Securities sold under agreements to repurchase		242,742		305,344
	$	845,742	$	680,344

Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily and are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities.

Additional information on the Company’s short-term borrowings for the years indicated is as follows:

(Dollars in thousands)	2014			2013			2012
Outstanding at December 31	$	845,742		$	680,344		$	303,045
Maximum month-end outstanding balance		1,034,741			680,344			640,768
Average daily outstanding balance		782,033			303,352			284,201
Average rate during the year		0.17	%		0.16	%		0.22	%
Average rate at year end		0.18	%		0.15	%		0.22	%