Securities Sold Under Agreements to Repurchase and Other Borrowings

9 Months Ended

Sep. 30, 2013

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

Securities Sold Under Agreements to Repurchase and Other 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 September 30, 2013		At December 31, 2012
Securities sold under agreements to repurchase:
Original maturity of one year or less	$	337,290	$	326,160
Callable at the option of the counterparty	100,000		300,000
Non-callable	550,000		450,000
	987,290		1,076,160
Other borrowings:
Federal funds purchased	385,000		—
Total securities sold under agreements to repurchase and other borrowings	$	1,372,290	$	1,076,160

Repurchase agreements are used as a source of borrowed funds and are collateralized by U.S. Government agency mortgage-backed securities which are 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.