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Borrowings

12 Months Ended

Dec. 31, 2011

Note 11—Borrowings


	December 31 2011		December 31 2010
Federal Home Loan Bank advances, variable and fixed rates ranging from 0.29% to 7.53%, due at various dates through November 15, 2024	$	174,263	$	88,847
Securities sold under agreements to repurchase		138,849		140,394
Federal funds purchased		57,000		31,500

Total borrowings	$	370,111	$	260,741

The Federal Home Loan Bank advances are secured by first and second mortgage loans and mortgage warehouse loans totaling approximately $373.5 million. Advances are subject to restrictions or penalties in the event of prepayment.

Securities sold under agreements to repurchase consist of obligations of the Bank to other parties. The obligations are secured by U.S. agency and mortgage-backed securities and such collateral is held in safekeeping by third parties. The maximum amount of outstanding agreements at any month end during 2011 and 2010 totaled $138.8 million and $144.7 million and the daily average of such agreements totaled $135.3 million and $138.6 million. The agreements at December 31, 2011, mature at various dates through September 13, 2020.

At December 31, 2011, the Bank has available approximately $288.7 million in credit lines with various money center banks, including the FHLB.

Contractual maturities in years ending December 31:


2012	$	201,660
2013		(482	)
2014		20,195
2015		20,463
2016		21,346
Thereafter		106,929

	$	370,111

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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