Annual report pursuant to Section 13 and 15(d)

FHLB Advances and Other Borrowings

v2.4.0.6
FHLB Advances and Other Borrowings
 12 Months Ended
Dec. 31, 2012
FHLB Advances and Other Borrowings

NOTE 9 — FHLB ADVANCES AND OTHER BORROWINGS

FHLB advances and other borrowings consisted of the following:

 

     As of December 31,  
     2012      2011  
     (In Thousands)  

FHLB Advances

    $ 2,935       $ 3,303   
  

 

 

     

 

 

  

Total FHLB Advances

    $ 2,935       $ 3,303   
  

 

 

     

 

 

  

 

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

 

         As of December 31, 2012  
           Amount      Weighted-
Average
Interest
Rate		  
       (In Thousands)   

Year of Maturity:

   2013    $ 395         5.27 % 
  2014      2,540         5.27 % 
  2015      —         —   
    

 

 

     

 

 

  

Total

      $ 2,935         5.27 % 
    

 

 

     

 

 

  

The following is financial data pertaining to FHLB advances:

 

     Year Ended December 31,  
     2012     2011     2010  
     (In Thousands)  

Weighted-Average Interest Rate at End of Year

      5.27 %      5.27 %      0.87 % 

Weighted-Average Interest Rate During the Year

      5.27 %      1.00 %      0.88 % 

Average Balance of FHLB Advances

    $ 3,354      $ 66,191      $ 158,531   

Maximum Amount Outstanding at Any Month-End

    $ 3,273      $ 153,622      $ 153,951   

We have pledged investment securities available for sale and loans receivable with carrying values of $17.1 million and $363.8 million, respectively, as collateral with the FHLB for this borrowing facility. The total borrowing capacity available from the collateral that has been pledged is $275.1 million, of which $272.1 million remained available as of December 31, 2012. At December 31, 2012, we had $111.4 million available for use through the Fed Discount Window, as we pledged loans with a carrying value of $160.2 million, and there were no borrowings.

At December 31, 2012, advances from the FHLB were $2.9 million, a decrease of $368,000, or 11.1 percent, from the December 31, 2011 balance of $3.3 million. At December 31, 2012, there was no FHLB advance with a remaining maturity of less than one year.

For the years ended December 31, 2012, 2011 and 2010, interest expense on FHLB advances were $165,000, $662,000 and $1.4 million, respectively, and the weighted-average interest rates were 5.27 percent, 1.00 percent and 0.88 percent, respectively.