	September 30,		December 31,
(in thousands) (1)	2014		2013
Short-term borrowings
Current portion of nonrecourse debt (5)	$	4,635	$	3,889
Total short-term borrowings	$	4,635	$	3,889

Long-term debt
Senior notes:
City National Corporation - 5.25% Senior Notes Due September 2020	$	299,521	$	299,463
Subordinated debt:
City National Bank - 9.00% Subordinated Notes Due July 2019 (2)	—		50,000
City National Bank - 9.00% Subordinated Notes Due August 2019	75,000		75,000
City National Bank - Fixed and Floating Subordinated Notes due August 2019 (3)	—		55,000
City National Bank - 5.375% Subordinated Notes Due July 2022	149,994		149,994
Junior subordinated debt:
Floating Rate Business Bancorp Capital Trust I Securities due November 2034 (4)	5,155		5,155
Nonrecourse debt (5)	91,941		91,388
Other long-term debt (6)	9,823		9,968
Total long-term debt	$	631,434	$	735,968

(1)The carrying value of certain borrowed funds is net of discount which is being amortized into interest expense.

(2)These notes bore a fixed interest rate of 9 percent for the initial five years from the date of issuance (July 15, 2009). The Bank redeemed the notes in accordance with their terms and procedures on July 15, 2014.

(3)These notes bore a fixed interest rate of 9 percent for the initial five years from the date of issuance (August 12, 2009). The Bank redeemed the notes in accordance with their terms and procedures on August 12, 2014.

(4)These floating rate securities pay interest of three-month LIBOR plus 1.965 percent which is reset quarterly. As of September 30, 2014, the interest rate was approximately 2.20 percent.

(5)Nonrecourse debt bears interest at an average rate of 3.85 percent as of September 30, 2014 and has maturity dates ranging from November 2014 to February 2023.

(6)Other long-term debt includes a note payable that bears a fixed interest rate of 5.64 percent and is scheduled to mature on June 2017.