Borrowed Funds
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Dec. 31, 2011
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Borrowed Funds |
The following is a summary of short-term borrowings at December 31 with original maturities of less than one year:
At December 31, 2011, the repurchase agreements were secured by $46.4 million in available-for-sale investment securities.
The following is a summary of long-term borrowings at December 31 with original maturities exceeding one year:
At December 31, 2011, the long-term FHLB advances were secured by $147.1 million in loans and $22.8 million in investment securities.
The contractual maturities of long-term borrowings are as follows:
The Bank has a borrowing capacity agreement with the FHLB in an amount equal to 29% of the Bank's assets. At December 31, 2011, the available line of credit equaled $401 million. This line of credit, which can be used for both short and long-term funding, can only be utilized to the extent of available collateral. The line is secured by certain qualified mortgage, commercial and home equity loans, investment securities and cash as follows (in thousands):
At December 31, 2011, $9.7 million was available for additional borrowings.
The Bank also has various unsecured lines of credit totaling $26.0 million with various financial institutions and a $9 million secured line with the Federal Reserve to meet daily liquidity requirements. As of December 31, 2011, there were no borrowings under these credit facilities. In addition, there was approximately $154 million of available funding through brokered money market funds at December 31, 2011.
Repurchase Agreements—The Bank has retail repurchase agreements with customers within its local market areas. Repurchase agreements generally have maturities of one to four days from the transaction date. These borrowings are collateralized with securities that we own and are held in safekeeping at independent correspondent banks.
FHLB Advances—The FHLB advances consist of various borrowings with maturities generally ranging from five to 10 years with initial fixed rate periods of one, two or three years. After the initial fixed rate period, the FHLB has one or more options to convert each advance to a LIBOR based, variable rate advance, but the Bank may repay the advance in whole or in part, without a penalty, if the FHLB exercises its option. At all other times, the Bank's early repayment of any advance could be subject to a prepayment penalty. |