Securities Sold Under Agreements to Repurchase and Other Short-term Borrowings

9 Months Ended

Sep. 30, 2012

Securities Sold Under Agreements to Repurchase and Other Short-term Borrowings [Abstract]

Securities Sold Under Agreements to Repurchase and Other Short-term Borrowings

Securities Sold Under Agreements to Repurchase and Other Short-term Borrowings

The following table summarizes securities sold under agreements to repurchase and other short-term borrowings:

(In thousands)	At September 30, 2012		At December 31, 2011
Securities sold under agreements to repurchase:
Original maturity of one year or less	$	304,815	$	290,856
Callable at the option of the counterparty	300,000		400,000
Non-callable	450,000		250,850
	1,054,815		941,706
Other short-term borrowings:
Federal funds purchased	255,200		223,000
Total	$	1,310,015	$	1,164,706

At September 30, 2012 and December 31, 2011, repurchase agreements were used as a primary source of borrowed funds in addition to FHLB advances. Repurchase agreements are primarily collateralized by U.S. Government agency mortgage-backed securities. The collateral for these repurchase agreements is delivered to broker/dealers. Repurchase agreements with broker/dealers are limited to primary dealers in government securities or commercial and municipal customers through Webster’s Treasury Sales desk. Repurchase agreements with dealer counterparties have the right to pledge, transfer or hypothecate purchased securities during the term of the transaction.