BORROWINGS (Tables)

12 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

Schedule of Short-term Borrowings

The Company’s short-term borrowings consisted of the following as of the periods indicated:

	December 31
	2012		2011
	(Dollars in thousands)
Federal home loan bank and other borrowings (1)	$	175,245	$	190,091
Customer repurchase agreements	153,359		166,128
Total short-term borrowings	$	328,604	$	356,219

(1) Includes a $12.0 million Parent Company outstanding line of credit with a variable rate of LIBOR plus 1.60%.

Schedule of Additional Information on Short-term Borrowings

The table below sets forth additional information on short-term borrowings as of and for the periods indicated:

	2012				2011				2010
	Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate		Amount		Weighted Average Interest Rate
	(Dollars in thousands)
Balance outstanding at end of year	$	328,604	0.30	%	$	356,219	0.58	%	$	316,163	0.84	%
Average daily balance outstanding	334,167		0.35	%	357,168		0.66	%	341,447		1.54	%
Maximum balance outstanding at any month end	358,461		N/A		392,323		N/A		361,060		N/A

Schedule of Long-term Borrowings

The Company’s long-term borrowings consisted of the following as of the periods indicated:

	December 31
	2012		2011
	(Dollars in thousands)
Federal home loan bank borrowings	$	108,324	$	39,610
Wholesale repurchase agreements (1)	50,000		50,000
Junior subordinated debentures
Capital trust V (2)	51,547		51,547
Slades ferry trust I (3)	10,310		10,310
Central trust I (4)	5,258		—
Central trust II (5)	7,012		—
Subordinated debentures (6)	30,000		30,000
Total long-term borrowings	$	262,451	$	181,467

(1) Assets sold under wholesale repurchase agreements were at a fixed rate of 2.29%.

(2) The Capital Trust V Trust Preferred Securities were issued in connection with the issuance of variable rate (LIBOR plus 1.48%) capital securities due in 2037, which are callable quarterly until maturity. The interest rate has been locked at a fixed rate of 6.52%, until December 28, 2016, through the use of an interest rate swap. The Company unconditionally guarantees all obligations under these trust preferred securities.

(3) The Slades Ferry Trust I Preferred Securities were issued in connection with the issuance of variable rate (LIBOR plus 2.79%) capital securities due in 2034, which are callable quarterly until maturity. The Company unconditionally guarantees all obligations under these trust preferred securities.

(4) Central Bancorp Capital Trust I issued trust preferred securities in connection with the issuance of variable rate (LIBOR plus 2.44%) capital securities due in 2034, which are callable quarterly until maturity. The Company unconditionally guarantees all obligations under these trust preferred securities.

(5) Central Bancorp Statutory Trust II issued trust preferred securities in connection with the issuance of fixed rate capital securities (7.015% until March 15, 2017). Subsequent to this date, the capital securities will be variable (LIBOR plus 1.65%) and are due in 2037, and will become callable quarterly until maturity. The Company unconditionally guarantees all obligations under these trust preferred securities.

(6) The subordinated debentures were issued to USB Capital Resources, Inc., a wholly-owned subsidiary of U.S. Bank National Association. The subordinated debt matures on October1, 2019, however with regulatory approval, the Bank may redeem the subordinated debt without penalty at any time on or after October 1, 2014. The interest rate is fixed at 7.02% until August 27, 2013, at which time it will have a floating rate of LIBOR plus 3.00%.

Schedule of Federal Home Loan Bank Borrowings

The following table sets forth information relating to the Company’s FHLB borrowings as of the periods indicated:

	Years Ended December 31
	2012						2011
	Weighted Average Interest Rate		Amount Outstanding		Amount Callable		Weighted Average Interest Rate		Amount Outstanding		Amount Callable
			(Dollars in thousands)
Due in one year or less	0.34	%	$	163,245	$	2,000	0.84	%	$	190,091	$	30,000
Due in greater than one year to five years	1.53	%	101,948		93,000		4.82	%	8,507		8,000
Due in greater than five years	0.62	%	6,376		5,000		3.94	%	31,103		30,000
Total	0.80	%	$	271,569	$	100,000	1.41	%	$	229,701	$	68,000

Schedule of Repurchase Agreements

The following table sets forth information relating to the Company’s repurchase agreements as of the periods indicated:

	December 31
	2012				2011
	Amount		Investments Pledged		Amount		Investments Pledged
	(Dollars in thousands)
Repurchase agreements with brokers	$	50,000	$	49,693	$	50,000	$	51,574
Customer repurchase agreements	153,356		172,403		166,128		166,323
Total	$	203,356	$	222,096	$	216,128	$	217,897

Schedule of Maturities of Borrowings

The following table sets forth the contractual maturities of both short and long-term borrowings over the next 5 years:

	Amounts Maturing		(1)
	(Dollars in thousands)
2013	$	328,493	(2)
2014	$	10,000
2015	$	58,000
2016	$	—
2017	$	75,000

(1) Amounts maturing represent contractual amounts due and exclude any amortization of fair value marks associated with acquired borrowings.

(2) The Company has entered into interest rate swaps to effectively hedge $150.0 million of the short-term FHLB advances, which the Company intends to continue to roll, to fix the interest rates. These interest rate swaps have maturity dates ranging from December 2013 through December 2018.