Annual report pursuant to Section 13 and 15(d)

FHLB Advances and Other Borrowings

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FHLB Advances and Other Borrowings
 12 Months Ended
Dec. 31, 2011
Deposits and FHLB Advances and Other Borrowing [Abstract]  
FHLB ADVANCES AND OTHER BORROWING

NOTE 9 — FHLB ADVANCES AND OTHER BORROWINGS

FHLB advances and other borrowings consisted of the following:

 

                 
    December 31,  
    2011     2010  
    (In Thousands)  

FHLB Advances

   $ 3,303     $ 153,650  

Note Issued to U.S. Treasury

     —       1,570  
   

 

 

    

 

 

  

Total FHLB Advances and Other Borrowings

   $ 3,303     $ 155,220  
   

 

 

    

 

 

  

 

FHLB advances represent collateralized obligations with the FHLB. The following is a summary of contractual maturities pertaining to FHLB advances:

 

                 
    December 31, 2011  

Year of Maturity

   Amount     Weighted-
Average
Interest
Rate		  
    (In Thousands)  

2012

   $ —       —  

2013

     —       —  

2014

     3,303       5.27 % 

2015

     —       —  
   

 

 

          
    $ 3,303       5.27 % 
   

 

 

          

The following is financial data pertaining to FHLB advances:

 

                         
    Year Ended December 31,  
    2011     2010     2009  
    (In Thousands)  

Weighted-Average Interest Rate at End of Year

     5.27 %      0.87 %      0.88 % 

Weighted-Average Interest Rate During the Year

     1.00 %      0.88 %      1.32 % 

Average Balance of FHLB Advances

   $ 66,191     $ 158,531     $ 257,529  

Maximum Amount Outstanding at Any Month-End

   $ 153,622     $ 153,951     $ 411,156  

We have pledged investment securities available for sale and loans receivable with carrying values of $40.4 million and $518.7 million, respectively, as collateral with the FHLB for this borrowing facility. The total borrowing capacity available from the collateral that has been pledged is $402.2 million, of which $398.9 million remained available as of December 31, 2011. At December 31, 2011, we had $124.7 million available for use through the Fed Discount Window, as we pledged loans with a carrying value of $278.4 million, and there were no borrowings.

At December 31, 2011, advances from the FHLB were $3.3 million, a decrease of $150.3 million, or 97.9 percent, from the December 31, 2010 balance of $153.7 million. At December 31, 2011, there was no FHLB advance with a remaining maturity of less than one year.

For the years ended December 31, 2011, 2010 and 2009, interest expense on FHLB advances and other borrowings totaled $662,000, $1.4 million and $3.4 million, respectively, and the weighted-average interest rates were 1.00 percent, 0.88 percent and 1.32 percent, respectively.