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

6 Months Ended

Jun. 30, 2013

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 Borrowings

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

(In thousands)	At June 30, 2013		At December 31, 2012
Securities sold under agreements to repurchase:
Original maturity of one year or less	$	320,349	$	326,160
Callable at the option of the counterparty	200,000		300,000
Non-callable	450,000		450,000
	970,349		1,076,160
Other borrowings:
Federal funds purchased	243,000		—
Total securities sold under agreements to repurchase and other borrowings	$	1,213,349	$	1,076,160

Repurchase agreements are used as a source of borrowed funds in addition to FHLB advances. These repurchase agreements are 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.