Short-Term Borrowings and Long-Term Debt

9 Months Ended

Sep. 30, 2019

Short-Term Borrowings and Long-Term Debt

The following table represents outstanding short-term borrowings and long-term debt at September 30, 2019 and December 31, 2018:



				Carrying Value
(Dollars in thousands)	Maturity	Principal value at September 30, 2019		September 30, 2019		December 31, 2018
Short-term borrowings:
Short-term FHLB advances				$	—	$	300,000
Securities sold under agreement to repurchase	(1)			—		319,414
Other short-term borrowings	(2)	$	18,898	18,898		11,998
Total short-term borrowings				$	18,898	$	631,412
Long-term debt:
3.50% Senior Notes	January 29, 2025	$	350,000	$	347,899	$	347,639
5.375% Senior Notes	September 15, 2020	350,000		349,328		348,826
Total long-term debt				$	697,227	$	696,465


(1)	Securities sold under repurchase agreements are effectively short-term borrowings collateralized by U.S. Treasury securities.


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

Interest expense related to short-term borrowings and long-term debt was $8.1 million and $27.6 million for the three and nine months ended September 30, 2019, respectively, and $12.0 million and $29.1 million for the three and nine months ended September 30, 2018, respectively. The weighted average interest rate associated with our overnight short-term borrowings was 2.62 percent as of December 31, 2018. There were no overnight short-term borrowings as of September 30, 2019.

Short-term Borrowings

We have certain facilities in place to enable us to access short-term borrowings on a secured and unsecured basis. Our secured facilities include collateral pledged to the FHLB of San Francisco and the discount window at the FRB (using both fixed income securities and loans as collateral). Our unsecured facility consists of our uncommitted federal funds lines. As of September 30, 2019, collateral pledged to the FHLB of San Francisco was comprised primarily of fixed income investment securities and loans and had a carrying value of $4.5 billion, of which $4.1 billion was available to support additional borrowings. As of September 30, 2019, collateral pledged to the discount window at the FRB was comprised of fixed income investment securities and had a carrying value of $1.0 billion, all of which was unused and available to support additional borrowings. Our total unused and available borrowing capacity for our uncommitted federal funds lines totaled $1.9 billion at September 30, 2019. Our total unused and available borrowing capacity under our master repurchase agreements with various financial institutions totaled $3.3 billion at September 30, 2019.