Federal Home Loan Bank Advances and Other Borrowings

12 Months Ended

Dec. 31, 2011

Federal Home Loan Bank Advances and Other Borrowings

Federal Home Loan Bank Advances and Other Borrowings

9. Federal Home Loan Bank Advances and Other Borrowings

At December 31, 2011, the Company had no FHLB borrowings, compared to $40.0 million at December 31, 2010.  The FHLB advances at December 31, 2010 were collateralized by real estate loans with an aggregate principal balance of $411.3 million and FHLB stock of $11.3 million. 

The following table summarizes activities in advances from the FHLB for the periods indicated:

	Years Ended December 31,
	2011			2010
	(dollars in thousands)
Average balance outstanding	$	6,630		$	38,178
Maximum amount outstanding at any month-end during the year	35,000			63,000
Balance outstanding at end of year	—			40,000
Weighted average interest rate during the year	0.80		%	4.88		%

The Company had $482.2 million in loans available at the FHLB as collateral for available advances of $298.6 million as of December 31, 2011.

Credit facilities have been established with Citigroup, Barclays Bank and Union Bank. The outstanding credit facilities are secured by pledged investment securities. At December 31, 2011 and 2010, the Company had borrowings of $18.5 million with Citigroup, $10.0 million with Barclays Bank and an unused reverse repurchase facility of $20 million with Union Bank.  The outstanding borrowings are secured by MBS with an estimated fair value of $38.6 million.

At December 31, 2011, the Bank had unsecured lines of credit with seven correspondent banks for a total amount of $52.8 million.  At December 31, 2011 and 2010, the Company had no outstanding balances against these lines.  The following summarizes activities in other borrowings:

	Year Ended December 31,
	2011			2010
	(dollars in thousands)
Average balance outstanding	$	28,500		$	28,500
Maximum amount outstanding at any month-end during the year	28,500			28,500
Balance outstanding at end of year	28,500			28,500
Weighted average interest rate during the year	3.32		%	3.08		%