

NOTE I – SHORT-TERM BORROWINGS AND LONG-TERM DEBT

Short-term borrowings as of December 31, 2014, 2013 and 2012 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below. The securities underlying the repurchase agreements remain in available for sale investment securities.



	December 31						Maximum Outstanding
	2014		2013		2012		2014		2013		2012
	(in thousands)
Federal funds purchased	$	6,219	$	582,436	$	592,470	$	577,581	$	848,179	$	636,562
Short-term FHLB advances (1)	70,000		400,000		—		600,000		600,000		25,000
Customer repurchase agreements	158,394		175,621		156,238		244,729		215,305		258,734
Customer short-term promissory notes	95,106		100,572		119,691		95,106		115,129		152,570
	$	329,719	$	1,258,629	$	868,399

(1) Represents FHLB advances with an original maturity term of less than one year.

As of December 31, 2014, the Corporation had aggregate availability under Federal funds lines of $1.2 billion, with $6.2 million of that amount outstanding. A combination of commercial real estate loans, commercial loans and securities are pledged to the Federal Reserve Bank of Philadelphia to provide access to Federal Reserve Bank Discount Window borrowings. As of December 31, 2014 and 2013, the Corporation had $1.1 billion and $2.0 billion, respectively, of collateralized borrowing availability at the Discount Window, and no outstanding borrowings.

The following table presents information related to customer repurchase agreements:



	2014			2013			2012
	(dollars in thousands)
Amount outstanding as of December 31	$	158,394		$	175,621		$	156,238
Weighted average interest rate at year end	0.13		%	0.12		%	0.16		%
Average amount outstanding during the year	$	197,432		$	186,851		$	206,842
Weighted average interest rate during the year	0.10		%	0.11		%	0.12		%

FHLB advances and long-term debt included the following as of December 31:



	2014			2013
	(in thousands)
FHLB advances	$	673,107		$	513,854
Subordinated debt	300,000			200,000
Junior subordinated deferrable interest debentures	171,136			171,136
Unamortized issuance costs and other	(4,830		)	(1,406		)
	$	1,139,413		$	883,584

Excluded from the preceding table is the Parent Company’s revolving line of credit with its subsidiary banks. As of December 31, 2014 and 2013, there were no amounts outstanding under this line of credit. This line of credit, with a total commitment of $100.0 million, is secured by equity securities and insurance investments and bears interest at London Interbank Offered Rate (LIBOR) plus 2.00%. Although balances drawn on the line of credit and related interest income and expense are eliminated in the consolidated financial statements, this borrowing arrangement is senior to the subordinated debt and the junior subordinated deferrable interest debentures.

FHLB advances mature through March 2027 and carry a weighted average interest rate of 3.43%. As of December 31, 2014, the Corporation had an additional borrowing capacity of approximately $2.6 billion with the FHLB. Advances from the FHLB are secured by FHLB stock, qualifying residential mortgages, investments and other assets.

The following table summarizes the scheduled maturities of FHLB advances and long-term debt as of December 31, 2014 (in thousands):



Year
2015	$	184,950
2016	236,015
2017	314,702
2018	—
2019	127,007
Thereafter	276,739
	$	1,139,413

In November 2014, the Corporation issued $100 million of ten-year subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of approximately 4.87% as a result of issuance costs. Interest is paid semi-annually in May and November. In May 2007, the Corporation issued $100 million of ten-year subordinated notes, which mature on May 1, 2017 and carry a fixed rate of 5.75% and an effective rate of approximately 5.96% as a result of issuance costs. Interest is paid semi-annually in May and November. In March 2005, the Corporation issued $100 million of ten-year subordinated notes, which mature April 1, 2015 and carry a fixed rate of 5.35% and an effective rate of approximately 5.49% as a result of issuance costs. Interest is paid semi-annually in October and April.

The Parent Company owns all of the common stock of four subsidiary trusts, which have issued Trust Preferred Securities in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The Trust Preferred Securities are redeemable on specified dates, or earlier if certain events arise.

The following table provides details of the debentures as of December 31, 2014 (dollars in thousands):



Debentures Issued to	Fixed/ Variable	Interest Rate		Amount		Maturity	Callable	Call Price
Columbia Bancorp Statutory Trust	Variable	2.91	%	$	6,186	06/30/34	03/31/14	100.0
Columbia Bancorp Statutory Trust II	Variable	2.13	%	4,124		03/15/35	03/15/14	100.0
Columbia Bancorp Statutory Trust III	Variable	2.01	%	6,186		06/15/35	03/15/14	100.0
Fulton Capital Trust I	Fixed	6.29	%	154,640		02/01/36	N/A	N/A
				$	171,136

N/A – Not applicable.