FHLB Advances and Other Borrowings

12 Months Ended

Dec. 31, 2012

FHLB Advances and Other Borrowings

NOTE 9 — FHLB ADVANCES AND OTHER BORROWINGS

FHLB advances and other borrowings consisted of the following:

	As of December 31,
	2012		2011
	(In Thousands)
FHLB Advances	$	2,935	$	3,303
Total FHLB Advances	$	2,935	$	3,303

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

		As of December 31, 2012
		Amount		Weighted- Average Interest Rate
			(In Thousands)
Year of Maturity:	2013	$	395		5.27	%
	2014		2,540		5.27	%
	2015		—		—
Total		$	2,935		5.27	%

The following is financial data pertaining to FHLB advances:

	Year Ended December 31,
	2012			2011			2010
	(In Thousands)
Weighted-Average Interest Rate at End of Year		5.27	%		5.27	%		0.87	%
Weighted-Average Interest Rate During the Year		5.27	%		1.00	%		0.88	%
Average Balance of FHLB Advances	$	3,354		$	66,191		$	158,531
Maximum Amount Outstanding at Any Month-End	$	3,273		$	153,622		$	153,951

We have pledged investment securities available for sale and loans receivable with carrying values of $17.1 million and $363.8 million, respectively, as collateral with the FHLB for this borrowing facility. The total borrowing capacity available from the collateral that has been pledged is $275.1 million, of which $272.1 million remained available as of December 31, 2012. At December 31, 2012, we had $111.4 million available for use through the Fed Discount Window, as we pledged loans with a carrying value of $160.2 million, and there were no borrowings.

At December 31, 2012, advances from the FHLB were $2.9 million, a decrease of $368,000, or 11.1 percent, from the December 31, 2011 balance of $3.3 million. At December 31, 2012, there was no FHLB advance with a remaining maturity of less than one year.

For the years ended December 31, 2012, 2011 and 2010, interest expense on FHLB advances were $165,000, $662,000 and $1.4 million, respectively, and the weighted-average interest rates were 5.27 percent, 1.00 percent and 0.88 percent, respectively.