SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

3 Months Ended

Mar. 31, 2015

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

11.SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS

Securities sold under agreements to repurchase consist of short-term excess funds from correspondent banks, repurchase agreements and overnight liabilities to deposit clients arising from the Bank’s treasury management program. While comparable to deposits in their transactional nature, these overnight liabilities to clients are in the form of repurchase agreements. Repurchase agreements collateralized by securities are treated as financings; accordingly, the securities involved with the agreements are recorded as assets and are held by a safekeeping agent and the obligations to repurchase the securities are reflected as liabilities. All securities underlying the agreements are under the Bank’s control. Information regarding securities sold under agreements to repurchase follows:

(dollars in thousands)	March 31, 2015			December 31, 2014
Outstanding balance at end of period	$	317,534		$	356,108
Weighted average interest rate at end of period	0.02		%	0.04		%
Fair value of securities pledged	$	389,421		$	378,478

	Three Months Ended
	March 31,
(dollars in thousands)	2015			2014
Average outstanding balance during the period	$	391,254		$	223,079
Average interest rate during the period	0.04		%	0.04		%
Maximum outstanding at any month end during the period	$	408,955		$	222,174

Other short-term borrowings included $15 million in federal funds purchased at March 31, 2015. These funds cost 0.75% and matured on April 1, 2015. No such borrowings existed at December 31, 2014.