	March 31,		December 31,
(in thousands) (1)	2015		2014
Short-term borrowings
Federal funds purchased	$	—	$	320,000
Current portion of nonrecourse debt (2)	4,400		2,861
Total short-term borrowings	$	4,400	$	322,861

Long-term debt
Senior notes:
City National Corporation - 5.25% Senior Notes Due September 2020	$	299,559	$	299,540
Subordinated debt:
City National Bank - 9.00% Subordinated Notes Due August 2019	75,000		75,000
City National Bank - 5.375% Subordinated Notes Due July 2022	149,995		149,994
Junior subordinated debt:
Floating Rate Business Bancorp Capital Trust I Securities due November 2034 (3)	5,155		5,155
Nonrecourse debt (2)	94,997		99,139
Other long-term debt (4)	9,719		9,772
Total long-term debt	$	634,425	$	638,600

(1)

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

(2)

Nonrecourse debt bears interest at an average rate of 3.88 percent as of March 31, 2015 and has maturity dates ranging from June 2015 to February 2023.

(3)

These floating rate securities bear interest of three-month LIBOR plus 1.965 percent which is reset quarterly. As of
March 31, 2015, the interest rate was approximately 2.23 percent.

(4)

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