Securities Sold Under Agreements to Repurchase and Other Borrowings

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



	At December 31,
(In thousands)	2013		2012
Securities sold under agreements to repurchase:
Original maturity of one year or less	$	359,662	$	326,160
Callable at the option of the counterparty	100,000		300,000
Non-callable	550,000		450,000
	1,009,662		1,076,160
Other borrowings:
Federal funds purchased	322,000		—
Total securities sold under agreements to repurchase and other borrowings	$	1,331,662	$	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 counterparties 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. The Company has right of offset with respect to all repurchase agreement assets and liabilities. At December 31, 2013, the Company has a gross repurchase agreement liability of $1.0 billion.

Information concerning repurchase agreements outstanding at December 31, 2013 is presented below:



(Dollars in thousands)	Balance		Fair Value of Collateral		Weighted-Average Rate		Weighted-Average Remaining Maturity
Maturity:
Up to 30 days	$	358,927	$	366,371	0.16	%	2.16	days
31 to 90 days	300		315		0.15		2.42	months
Over 90 days	650,435		728,916		2.51		3.29	years
Totals	$	1,009,662	$	1,095,602	1.67	%	2.12	years

The following table sets forth additional information for securities sold under agreements to repurchase and other borrowings:



	At and for the year ended December 31,
	2013				2012				2011
(Dollars in thousands)	Amount		Rate		Amount		Rate		Amount		Rate
Securities sold under agreements to repurchase:
At end of year	$	359,662	0.16	%	$	326,160	0.15	%	$	290,856	0.20	%
Average during year	316,560		0.15		306,294		0.18		310,355		0.22
Highest month-end balance during year	372,922		—		357,396		—		342,795		—
Federal funds purchased:
At end of year	322,000		0.20		—		—		223,000		0.12
Average during year	255,689		0.18		173,690		0.17		122,656		0.14
Highest month-end balance during year	398,000		—		255,200		—		282,000		—