Short-Term Borrowings

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Short-Term Borrowings

Note 9. Short-Term Borrowings

The following table presents information concerning short-term borrowings:

	December 31,
(In thousands)	2014			2013
Federal funds purchased:
Amount outstanding at period-end	$	12,000		$	7,725
Average amount outstanding during period		12,196			32,960
Maximum amount at any month-end during period		12,000			37,320
Weighted average interest at period-end		0.13	%		0.13	%
Weighted average interest rate during period		0.25	%		0.22	%
Securities sold under agreements to repurchase:
Amount outstanding at period-end	$	624,573		$	650,235
Average amount outstanding during period		688,704			763,259
Maximum amount at any month-end during period		816,617			797,615
Weighted average interest at period-end		0.03	%		0.64	%
Weighted average interest rate during period		0.27	%		0.58	%
FHLB borrowings:
Amount outstanding at period-end	$	515,000		$	—
Average amount outstanding during period		304,781			9,863
Maximum amount at any month-end during period		565,000			—
Weighted average interest at period-end		0.12	%		—
Weighted average interest rate during period		0.15	%		0.18	%

The Bank borrows funds on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury-management services offered to their deposit customers. Customer repurchase agreements generally mature daily. The Bank has the ability to exercise legal authority over the underlying securities. Federal funds purchased represent unsecured borrowings from other banks, generally on an overnight basis.

The Bank has a line of credit with the Federal Home Loan Bank (FHLB) that is secured by a blanket pledge of certain mortgage loans. At December 31, 2014, the amount available under this line was approximately $2.8 billion, with the balance outstanding of $515 million. The Bank also has borrowing capacity at the Federal Reserve’s discount window of approximately $1.9 billion. No amounts were borrowed under this line at year-end 2014 or 2013.