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FEDERAL HOME LOAN BANK ADVANCES
6 Months Ended
Jun. 30, 2012
FEDERAL HOME LOAN BANK ADVANCES  
FEDERAL HOME LOAN BANK ADVANCES

NOTE 14 — FEDERAL HOME LOAN BANK ADVANCES

 

Total outstanding Federal Home Loan Bank (“FHLB”) advances amounted to $362.9 million and $455.3 million at June 30, 2012 and December 31, 2011. During the six months ended June 30, 2012, the Company modified $300.0 million of fixed rate FHLB advances into adjustable rate advances, reducing the effective interest rate on these borrowings from 2.27% to 1.36%. As a result of the modification the Company incurred a $37.7 million modification cost which has been deferred and is being treated as a discount on the corresponding debt.