Securities Sold Under Agreements to Repurchase and Other Borrowings

9 Months Ended

Sep. 30, 2014

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

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, 2014		At December 31, 2013
Securities sold under agreements to repurchase:
Original maturity of one year or less	$	398,975	$	359,662
Original maturity of greater than one year, non-callable	550,000		550,000
Callable at the option of the counterparty ⁽¹⁾	—		100,000
	948,975		1,009,662
Other borrowings:
Federal funds purchased	288,000		322,000
Securities sold under agreements to repurchase and other borrowings	$	1,236,975	$	1,331,662


(1)	There were $100 million of securities sold under agreements to repurchase that had callable options for June 23, 2014 and were classified as callable at the option of the counterparty at December 31, 2013. The callable options were not exercised as of the call date and were reclassified as original maturity of greater than one year, non-callable during the quarter ended September 30, 2014.

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. 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 September 30, 2014, the Company has a gross repurchase agreement liability of $0.9 billion.