Short-term Borrowings (Tables)

3 Months Ended

Mar. 31, 2015

Short-term borrowings are summarized as follows (in thousands).

	March 31,		December 31,
	2015		2014
Federal funds purchased	$	140,600	$	128,100
Securities sold under agreements to repurchase	374,176		136,396
Federal Home Loan Bank notes	225,000		375,000
Short-term bank loans	259,700		123,200
	$	999,476	$	762,696

Schedule of federal funds purchased and securities sold under agreements to repurchase

Short-term borrowings

Schedule of short-term borrowings

Information concerning federal funds purchased and securities sold under agreements to repurchase is shown in the following tables (dollars in thousands).

	Three Months Ended March 31,
	2015			2014
Average balance during the period	$	361,600		$	343,233
Average interest rate during the period	0.25		%	0.18		%

	March 31,			December 31,
	2015			2014
Average interest rate at end of period	0.26		%	0.15		%
Securities underlying the agreements at end of period:
Carrying value	$	379,985		$	166,734
Estimated fair value	$	379,802		$	163,852

Federal Home Loan Bank notes

Short-term borrowings

Schedule of short-term borrowings

Other information regarding FHLB notes is shown in the following tables (dollars in thousands).

	Three Months Ended March 31,
	2015			2014
Average balance during the period	$	235,111		$	8
Average interest rate during the period	0.22		%	0.13		%

	March 31,			December 31,
	2015			2014
Average interest rate at end of period	0.22		%	0.16		%