FHLB Advances and Other Borrowings

12 Months Ended

Dec. 31, 2011

Deposits and FHLB Advances and Other Borrowing [Abstract]

FHLB ADVANCES AND OTHER BORROWING

NOTE 9 — FHLB ADVANCES AND OTHER BORROWINGS

FHLB advances and other borrowings consisted of the following:

	December 31,
	2011		2010
	(In Thousands)
FHLB Advances	$	3,303	$	153,650
Note Issued to U.S. Treasury		—		1,570
Total FHLB Advances and Other Borrowings	$	3,303	$	155,220

FHLB advances represent collateralized obligations with the FHLB. The following is a summary of contractual maturities pertaining to FHLB advances:

	December 31, 2011
Year of Maturity	Amount		Weighted- Average Interest Rate
	(In Thousands)
2012	$	—		—
2013		—		—
2014		3,303		5.27	%
2015		—		—
	$	3,303		5.27	%

The following is financial data pertaining to FHLB advances:

	Year Ended December 31,
	2011			2010			2009
	(In Thousands)
Weighted-Average Interest Rate at End of Year		5.27	%		0.87	%		0.88	%
Weighted-Average Interest Rate During the Year		1.00	%		0.88	%		1.32	%
Average Balance of FHLB Advances	$	66,191		$	158,531		$	257,529
Maximum Amount Outstanding at Any Month-End	$	153,622		$	153,951		$	411,156

We have pledged investment securities available for sale and loans receivable with carrying values of $40.4 million and $518.7 million, respectively, as collateral with the FHLB for this borrowing facility. The total borrowing capacity available from the collateral that has been pledged is $402.2 million, of which $398.9 million remained available as of December 31, 2011. At December 31, 2011, we had $124.7 million available for use through the Fed Discount Window, as we pledged loans with a carrying value of $278.4 million, and there were no borrowings.

At December 31, 2011, advances from the FHLB were $3.3 million, a decrease of $150.3 million, or 97.9 percent, from the December 31, 2010 balance of $153.7 million. At December 31, 2011, there was no FHLB advance with a remaining maturity of less than one year.

For the years ended December 31, 2011, 2010 and 2009, interest expense on FHLB advances and other borrowings totaled $662,000, $1.4 million and $3.4 million, respectively, and the weighted-average interest rates were 1.00 percent, 0.88 percent and 1.32 percent, respectively.