TIME DEPOSITS AND SHORT-TERM DEBT

12 Months Ended

Dec. 31, 2015

TIME DEPOSITS AND SHORT-TERM DEBT [Abstract]

(10) TIME DEPOSITS AND SHORT-TERM DEBT

Certificates of deposit and other time deposits of $100,000 or more amounting to $910.2 million and $948.1 million were outstanding at December 31, 2015 and 2014, respectively. Total interest expense relating to certificates of deposit and other time deposits of $100,000 or more totaled $8.7 million, $11.4 million and $16.0 million for the years ended December 31, 2015, 2014 and 2013, respectively.

For time deposits with a remaining maturity of more than one year at December 31, 2015, the aggregate amount of time deposits maturing in each of the following five years is presented in the following table:


Maturing in		Amount
		(In thousands)
2017		$ 263,873
2018		151,366
2019		156,553
2020		198,309
2021		2,082
Thereafter		-
Total		$ 772,183

The following tables present information relating to short-term debt for the years ended December 31, 2015, 2014 and 2013:


	2015
							Maximum
	End of Period			Daily Average			Outstanding
		Interest			Interest		at any
	Balance	Rate		Balance	Rate		Month End
	(Dollars in thousands)
Federal funds purchased	$ -	-	%	$ 10,066	0.17	%	$ 25,000
Securities sold under agreement to repurchase	405,937	0.12		416,172	0.09		558,107
Short-term FHLB advances	62,000	0.31		45,122	0.37		224,500
Total	$ 467,937			$ 471,360			$ 807,607


	2014
							Maximum
	End of Period			Daily Average			Outstanding
		Interest			Interest		at any
	Balance	Rate		Balance	Rate		Month End
	(Dollars in thousands)
Federal funds purchased	$ -	-	%	$ 4,247	0.18	%	$ 10,000
Securities sold under agreement to repurchase	388,166	0.08		436,875	0.07		569,163
Short-term FHLB advances	3,500	-		3,108	2.60		3,500
Total	$ 391,666			$ 444,230			$ 582,663


	2013
							Maximum
	End of Period			Daily Average			Outstanding
		Interest			Interest		at any
	Balance	Rate		Balance	Rate		Month End
	(Dollars in thousands)
Federal funds purchased	$ -	-	%	$ 1,238	0.33	%	$ -
Securities sold under agreement to repurchase	421,028	0.07		416,881	0.07		473,753
Total	$ 421,028			$ 418,119			$ 473,753

Federal funds purchased generally mature the day following the date of purchase while securities sold under repurchase agreements generally mature within 30 days from the date of sale. Federal Reserve discount window borrowings generally mature within 90 days following the date of purchase and short-term FHLB borrowings generally mature within 30 days following the date of purchase. At December 31, 2015, the Bank had established non-binding federal funds borrowing lines of credit with other banks aggregating $825.0 million.