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Borrowings | 3 Months Ended
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Mar. 31, 2012
Borrowings [Abstract] |
Borrowings | BORROWINGS Following is a summary of short-term borrowings:
|  | March 31, 2012 |  |  | December 31, 2011 |
Securities sold under repurchase agreements |  | $ | 729,987 |  |  | $ | 646,660 |
Federal funds purchased |  |  | — |  |  |  | 60,000 |
Subordinated notes |  |  | 137,841 |  |  |  | 134,634 |
Other short-term borrowings |  |  | 10,000 |  |  |  | 10,000 |
|  | $ | 877,828 |  |  | $ | 851,294 |
Securities sold under repurchase agreements is comprised of customer repurchase agreements, which are sweep accounts with next day maturities utilized by larger commercial customers to earn interest on their funds. Securities are pledged to these customers in an amount equal to the outstanding balance. Following is a summary of long-term debt:
|  | March 31, 2012 |  |  | December 31, 2011 |
Federal Home Loan Bank advances |  | $ | 97 |  |  | $ | 100 |
Subordinated notes |  |  | 80,611 |  |  |  | 78,246 |
Other subordinated debt |  |  | 9,010 |  |  |  | 9,062 |
Convertible debt |  |  | 590 |  |  |  | 608 |
|  | $ | 90,308 |  |  | $ | 88,016 |
The Corporation's banking affiliate has available credit with the FHLB of $2,592,497 of which $97 was used as of March 31, 2012. These advances are secured by loans collateralized by 1-4 family mortgages and FHLB stock and are scheduled to mature in various amounts periodically through the year 2019. Effective interest rates paid on these advances range from 3.78% to 4.19% for the three months ended March 31, 2012 and 0.99% to 4.79% for the year ended December 31, 2011.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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