(10) Borrowed Funds

Borrowed funds are summarized as follows (in thousands):


	December 31,
	2011					2010
	Amount		Weighted Average Rate			Amount		Weighted Average Rate
Federal Home Loan Bank advances	$	266,000		2.34	%	$	265,000		2.86	%
Securities sold under agreements to repurchase		66,101		.31			67,864		.46
Other borrowings		27,500		2.85			27,500		2.78

	$	359,601		2.01	%	$	360,364		2.40	%

Information concerning Federal Home Loan Bank ("FHLB") advances and securities sold under agreements to repurchase ("reverse repurchase agreements") is summarized as follows (in thousands):


	FHLB Advances						Reverse Repurchase Agreements
	2011			2010			2011			2010

Average balance	$	270,741		$	358,352		$	70,982		$	70,983
Maximum amount outstanding at any month end		291,600			521,000			75,514			75,107
Average interest rate for the year		2.43	%		2.41	%		.40	%		.61	%
Amortized cost of collateral:
Mortgage-backed securities		—			—			72,046			74,931
Estimated market value of collateral:
Mortgage-backed securities		—			—			75,181			77,163

The securities collateralizing the reverse repurchase agreements are delivered to the lender with whom each transaction is executed or to a third party custodian. The lender, who may sell, loan or otherwise dispose of such securities to other parties in the normal course of their operations, agrees to resell to the Company substantially the same securities at the maturity of the reverse repurchase agreements. (See notes 3 and 4.)

FHLB advances and reverse repurchase agreements have contractual maturities at December 31, 2011 as follows (in thousands):


Year Ended December 31,	FHLB Advances		Reverse Repurchase Agreements
2012	$	41,000	$	66,101
2013		66,000		—
2014		55,000		—
2015		84,000		—
2016		20,000		—

	$	266,000	$	66,101

Amount callable by lender prior to the maturity date		—		—

During 2007, the Company issued $10 million of trust preferred securities which carry a floating rate of 175 basis points over 3 month LIBOR adjusted quarterly. Accrued interest is due quarterly with principal due at the maturity date of September 1, 2037. During 2006, the Company issued $12,500,000 of trust preferred securities. The trust preferred securities carry a floating rate of 166 basis points over 3 month LIBOR adjusted quarterly. Accrued interest is due quarterly with principal due at the maturity date in 2036. On August 4, 2005, the Company issued $5,000,000 of subordinated debt at a fixed interest rate of 6.35%. Accrued interest is due quarterly with principal due at the maturity date of November 23, 2015.

Interest expense on borrowings for the years ended December 31, 2011, 2010 and 2009 is as follows (in thousands):


	Years Ended December 31,
	2011		2010		2009

Federal Home Loan Bank advances	$	6,572	$	8,629	$	10,772
Securities sold under agreements to repurchase		283		434		589
Other borrowings		804		850		1,005

	$	7,659	$	9,913	$	12,366

All FHLB advances are secured by the Bank's mortgage loans, mortgage-backed securities and FHLB stock. As a member of the FHLB of New York, the Bank is required to maintain a minimum investment in the capital stock of the FHLB, at cost, in an amount equal to 0.20% of the Bank's mortgage-related assets, plus 4.5% of the specified value of certain transactions between the Bank and the FHLB.