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.