Short-Term Borrowings and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2018

The following table represents outstanding short-term borrowings and long-term debt at December 31, 2018 and 2017:



				Carrying Value
(Dollars in thousands)	Maturity	Principal value at December 31, 2018		December 31, 2018		December 31, 2017
Short-term borrowings:
Short-term FHLB advances	(1)	$	300,000	$	300,000	$	700,000
Federal funds purchased		—		—		330,000
Securities sold under agreement to repurchase	(2)	319,414		319,414		—
Other short-term borrowings	(3)	11,998		11,998		3,730
Total short-term borrowings				$	631,412	$	1,033,730
Long-term debt:
3.50% Senior Notes	January 29, 2025	$	350,000	$	347,639	$	347,303
5.375% Senior Notes	September 15, 2020	350,000		348,826		348,189
Total long-term debt				$	696,465	$	695,492


(1)	Represents advances from the FHLB at December 31, 2018 with maturity dates through January 10, 2019.


(2)	Securities sold under repurchase agreements are effectively short-term borrowings collateralized by U.S Treasury securities. Gross repurchase agreements held at December 31, 2018 have maturity dates through January 16, 2019.


(3)	Represents cash collateral received from certain counterparties in relation to market value exposures of derivative contracts in our favor.

The aggregate annual maturities of long-term debt obligations as of December 31, 2018 are as follows:



Year ended December 31, (Dollars in thousands)	Amount
2019	$	—
2020	348,826
2021	—
2022	—
2023	—
2024 and thereafter	347,639
Total	$	696,465