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Note 9 - Borrowed Funds | 3 Months Ended
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Mar. 31, 2014
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | 9. Borrowed Funds Securities Sold Under Agreements to Repurchase. Securities sold under agreements to repurchase were $700.0 million with a weighted average rate of 3.92% at March 31, 2014, compared to $800.0 million with a weighted average rate of 3.87% at December 31, 2013. In the first quarter of 2014, the Company prepaid securities sold under agreements to repurchase totaling $100 million with a weighted average rate of 3.50% and incurred prepayment penalties of $3.4 million. In 2013, the Company prepaid securities sold under agreements to repurchase totaling $450 million with a weighted average rate of 3.79% and incurred prepayment penalties of $22.6 million. Five floating-to-fixed rate agreements totaling $300.0 million have initial floating rates for a period of time ranging from six months to one year, with floating rates ranging from the three-month LIBOR rate minus 200 basis points to the three-month LIBOR rate minus 340 basis points. Thereafter, the rates are fixed for the remainder of the term, with interest rates ranging from 4.78% to 5.07%. After the initial floating rate term, the counter parties have the right to terminate the transaction at par at the fixed rate reset date and quarterly thereafter. Four fixed-to-floating rate agreements totaling $200.0 million have initial fixed rates ranging from 1.00% to 3.50% with initial fixed rate terms ranging from six months to 18 months. For the remaining term, the rates float at 8% minus the three-month LIBOR rate with a maximum rate ranging from 3.50% to 3.75% and a minimum rate of 0.0%. After the initial fixed rate term, the counter parties have the right to terminate the transaction at par at the floating rate reset date and quarterly thereafter. The table below provides summary data for the $500 million of callable securities sold under agreements to repurchase as of March 31, 2014:
(Dollars in millions) |  | Fixed-to-floating |  |  | Floating-to-fixed |  |  | Total |
Rate type |  | Float Rate |  |  | Fixed Rate |  |  |  |  |
Rate index |  | 8% minus 3 month LIBOR |  |  |  |  |  |  |  |  |
Maximum rate |  |  | 3.75 | % |  |  | 3.50 | % |  |  | 3.50 | % |  |  |  |  |  |  |  |  |  |  |  |
Minimum rate |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  |  |  |  |  |  |  |  |  |  |
No. of agreements |  |  | 1 |  |  |  | 2 |  |  |  | 1 |  |  |  | 1 |  |  |  | 4 |  |  |  | 9 |
Amount |  | $ | 50.0 |  |  | $ | 100.0 |  |  | $ | 50.0 |  |  | $ | 100.0 |  |  | $ | 200.0 |  |  | $ | 500.0 |
Weighted average rate |  |  | 3.75 | % |  |  | 3.50 | % |  |  | 3.50 | % |  |  | 4.78 | % |  |  | 5.00 | % |  |  | 4.38 | %
Final maturity |  | 2014 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | 2017 |  |  |  |  |
The table below provides summary data for non-callable fixed rate securities sold under agreements to repurchase as of March 31, 2014:
|  | No. of |  |  | Amount |  |  | Weighted Average |
Maturity |  | Agreements |  |  | (In thousands) |  |  | Interest Rate |
1 year to 3 years |  |  | 1 |  |  | $ | 50,000 |  |  |  | 2.69 | %
3 years to 5 years |  |  | 3 |  |  |  | 150,000 |  |  |  | 2.81 | %
Total |  |  | 4 |  |  | $ | 200,000 |  |  |  | 2.78 | %
These transactions are accounted for as collateralized financing transactions and recorded at the amounts at which the securities were sold. The Company may have to provide additional collateral for the repurchase agreements, as necessary. The underlying collateral pledged for the repurchase agreements consists of U.S. Treasury securities, U.S. government agency securities, and mortgage-backed securities with a fair value of $808.0 million as of March 31, 2014, and $906.1 million as of December 31, 2013. Advances from the FHLB. Advances from the FHLB were $636.2 million with weighted average rate of 0.30% at March 31, 2014, compared to $521.2 million with weighted average rate of 0.17% at December 31, 2013. The following relates to the outstanding advances at March 31, 2014, and December 31, 2013:
|  | March 31, 2014 |  |  | December 31, 2013 |
|  | Amount |  |  | Weighted Average |  |  | Amount |  |  | Weighted Average |
Maturity |  | (In thousands) |  |  | Interest Rate |  |  | (In thousands) |  |  | Interest Rate |
Within 90 days |  | $ | 490,000 |  |  |  | 0.11 | % |  | $ | 475,000 |  |  |  | 0.06 | %
1 - 3 years |  |  | 100,000 |  |  |  | 1.01 | % |  |  | - |  |  |  | - |
4 - 5 years |  |  | 46,200 |  |  |  | 1.24 | % |  |  | 46,200 |  |  |  | 1.24 | %
|  | $ | 636,200 |  |  |  | 0.30 | % |  | $ | 521,200 |  |  |  | 0.17 | %

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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 3: 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 + Details
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