Note 16 — Other Borrowings

A summary of the balances of other borrowings follows:


	June 30,		December 31,
	2011		2010
	(in thousands)
Borrowing under security repurchase agreement, rate is fixed at 4.72% and principal is callable in its entirety by lender on a quarterly basis until final maturity on August 30, 2012.	$	50,000	$	50,000
Other collateralized borrowings, fixed rate, as of June 30, 2011 of 0.15% payable on July 1, 2011		9,234		12,020

Total other borrowings	$	59,234	$	62,020

During August 2007, the Company entered into a security repurchase agreement with principal balance of $50,000,000 and terms as described above. As of June 30, 2011, the Company has pledged as collateral and sold under an agreement to repurchase investment securities with fair value of $58,895,000 under this security repurchase agreement. The Company did not enter into any other repurchase agreements during the three months ended June 30, 2011 or the year ended December 31, 2010. The average balance of repurchase agreements during the three months ended June 30, 2011 was $50,000,000, with an average rate of 4.72%.

The Company had $9,234,000 and $12,020,000 of other collateralized borrowings at June 30, 2011 and December 31, 2010, respectively. Other collateralized borrowings are generally overnight maturity borrowings from non-financial institutions that are collateralized by securities owned by the Company. As of June 30, 2011, the Company has pledged as collateral and sold under agreements to repurchase investment securities with fair value of $19,374,000 under these other collateralized borrowings.

The Company maintains a collateralized line of credit with the Federal Home Loan Bank of San Francisco. Based on the FHLB stock requirements at June 30, 2011, this line provided for maximum borrowings of $437,764,000 of which none was outstanding, leaving $437,764,000 available. As of June 30, 2011, the Company has designated loans totaling $980,865,000 as potential collateral under this collateralized line of credit with the FHLB.

The Company maintains a collateralized line of credit with the Federal Reserve Bank of San Francisco. As of June 30, 2011, this line provided for maximum borrowings of $43,407,000 of which none was outstanding, leaving $43,407,000 available. As of June 30, 2011, the Company has designated investment securities with fair value of $750,000 and loans totaling $68,801,000 as potential collateral under this collateralized line of credit with the FRB.

The Company has available unused correspondent banking lines of credit from commercial banks totaling $5,000,000 for federal funds transactions at June 30, 2011.