Other Borrowings

9 Months Ended

Sep. 30, 2012

Other Borrowings [Abstract]

Other Borrowings

Note 16 – Other Borrowings

A summary of the balances of other borrowings follows:

(In thousands)	September 30, 2012		December 31, 2011
Borrowing under security repurchase agreement, rate was fixed at 4.72% until maturity on August 30, 2012		—	$	50,000
FHLB fixed rate borrowings:
Matured January 25, 2012, effective rate 0.24%		—		3,000
Matured April 6, 2012, effective rate 0.26%		—		5,013
Matured April 25, 2012, effective rate 0.26%		—		3,001
Matured July 25, 2012, effective rate 0.34%		—		3,000
Other collateralized borrowings, fixed rate, as of September 30, 2012 of 0.05% payable on October 1, 2012	$	9,264		8,527
Total other borrowings	$	9,264	$	72,541

During August 2007, the Company entered into a security repurchase agreement with principal balance of $50,000,000 and terms as described above. The Company did not enter into any other repurchase agreements during the nine months ended September 30, 2012 or the year ended December 31, 2011. The average balance of repurchase agreements during the nine months ended September 30, 2012 was $44,444,000, with an average rate of 4.72%.

The Company had $9,264,000 and $8,527,000 of other collateralized borrowings at September 30, 2012 and December 31, 2011, respectively. Other collateralized borrowings are generally overnight maturity borrowings from non-financial institutions that are collateralized by securities owned by the Company. As of September 30, 2012, the Company has pledged as collateral and sold under agreements to repurchase investment securities with fair value of $9,264,000 under these other collateralized borrowings.

As part of the Citizens acquisition on September 23, 2011, the Company assumed borrowings with principal balances totaling $22,000,000 and fair values totaling $22,028,000. These borrowings from the Federal Home Loan Bank of San Francisco (FHLB) were collateralized under the Bank’s line of credit at the FHLB as described below. As of September 30, 2012, no borrowings remain from the $22,000,000 assumed in the Citizens acquisition.

The Company maintains a collateralized line of credit with the Federal Home Loan Bank of San Francisco. Based on the FHLB stock requirements at September 30, 2012, this line provided for maximum borrowings of $486,494,000 of which none was outstanding, leaving $486,494,000 available. As of September 30, 2012, the Company has designated loans totaling $984,156,000 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 September 30, 2012, this line provided for maximum borrowings of $88,103,000 of which none was outstanding, leaving $88,103,000 available. As of September 30, 2012, the Company has designated investment securities with fair value of $91,000 and loans totaling $107,539,000 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 September 30, 2012.