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Borrowings | 3 Months Ended
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Mar. 31, 2015
Debt Disclosure [Abstract] |
Borrowings | Short-term borrowings are for terms under one year and were comprised of retail repurchase agreements, or REPOs, and Federal Home Loan Bank, or FHLB, advances. We define REPOs with our local retail customers as retail REPOs. Securities pledged as collateral under these REPO financing arrangements cannot be sold or repledged by the secured party and are therefore accounted for as a secured borrowing. FHLB advances are for various terms secured by a blanket lien on residential mortgages and other real estate secured loans. Long-term borrowings are for original terms greater than one year and were comprised of FHLB advances, a capital lease and junior subordinated debt securities. Long-term FHLB advances have the same collateral requirements as short-term borrowings. We had total long-term borrowings outstanding of $15.6 million at a fixed rate and $53.7 million at a variable rate at March 31, 2015, excluding our capital lease of $0.2 million. On March 5, 2015, we paid off $8.5 million of the junior subordinated debt assumed in the merger. Information pertaining to borrowings is summarized in the table below as of the dates presented:
| March 31, 2015 |  | December 31, 2014
(dollars in thousands) | Balance | Weighted Average Rate |  | Balance | Weighted Average Rate
Short-term borrowings |  |  |  |  |
Securities sold under repurchase agreements | $ | 46,721 |  | 0.01 | % |  | $ | 30,605 |  | 0.01 | %
Short-term borrowings | 199,573 |  | 0.33 | % |  | 290,000 |  | 0.31 | %
Total short-term borrowings | 246,294 |  | 0.27 | % |  | 320,605 |  | 0.27 | %
Long-term borrowings |  |  |  |  |
Other long-term borrowings | 18,838 |  | 2.92 | % |  | 19,442 |  | 3.00 | %
Junior subordinated debt securities | 50,619 |  | 2.95 | % |  | 45,619 |  | 2.70 | %
Total long-term borrowings | 69,457 |  | 2.94 | % |  | 65,061 |  | 2.79 | %
Total Borrowings | $ | 315,751 |  | 0.86 | % |  | $ | 385,666 |  | 0.70 | %
We had total borrowings at March 31, 2015 and December 31, 2014 at the FHLB of Pittsburgh of $218.2 million and $309.3 million. The $218.2 million at March 31, 2015 consisted of $199.6 million in short-term borrowings and $18.7 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $2.0 billion at March 31, 2015. Our remaining borrowing availability is $1.6 billion.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
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- Details
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