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Borrowings

12 Months Ended

Dec. 31, 2012

Note 12 — Borrowings


	December 31 2012		December 31 2011
Federal Home Loan Bank advances, variable and fixed rates ranging from 0.50% to 7.53%, due at various dates through November 15, 2024	$	114,617	$	174,263
Securities sold under agreements to repurchase		138,447		138,848
Federal funds purchased		92,700		57,000

Total borrowings	$	345,764	$	370,111

The Federal Home Loan Bank advances are secured by first and second mortgage loans and mortgage warehouse loans totaling approximately $449.7 million. Advances are subject to restrictions or penalties in the event of prepayment.

FHLB advances at December 31, 2012 include a $20.0 million advance that matured and was called on December 31, resulting in an overdrawn cash account at the FHLB. A new advance was requested but was not funded until January 2, 2013.

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 2012 and 2011 totaled $138.4 million and $138.8 million and the daily average of such agreements totaled $135.2 million and $135.3 million. The agreements at December 31, 2012, mature at various dates through September 13, 2020.

At December 31, 2012, the Bank has available approximately $349.6 million in credit lines with various money center banks, including the FHLB.

Contractual maturities in years ending December 31:


2013	$	186,767
2014		251
2015		20,783
2016		21,956
2017		56,634
Thereafter		59,373

	$	345,764

- 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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