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Other Borrowings
12 Months Ended
Dec. 31, 2011
Other Borrowings  
Other Borrowings

Note 11 Other Borrowings
 
The following table summarized the Company’s borrowings as of December 31:

(in thousands)
 
2011
   
2010
 
Overnight FHLB advances
  $ 53,100     $ 79,000  
Term FHLB advances
    122,093       145,628  
Other
    10,882       19,565  
Total other borrowings
  $ 186,075     $ 244,193  
 
The Company, through its subsidiary banks, had available line-of-credit agreements with banks permitting borrowings to a maximum of approximately $43.0 million at December 31, 2011 and 2010.  There were no outstanding advances against those lines at December 31, 2011 and December 31, 2010.

Through its subsidiary banks, the Company has borrowing relationships with the FHLB and correspondent banks, which provide secured and unsecured borrowing capacity. At December 31, 2011, the unused borrowing capacity on established lines with the FHLB was $973.7 million.
 
As members of the FHLB, the Company’s subsidiary banks can use certain unencumbered mortgage-related assets to secure additional borrowings from the FHLB. At December 31, 2011, total unencumbered residential mortgage loans of the Company were $206.3 million.  Additional assets may also qualify as collateral for FHLB advances upon approval of the FHLB.  At December 31, 2011, there were $122.1 million in term advances with the FHLB with a weighted average rate of 4.48% compared to $145.6 million at December 31, 2010 with a weighted average rate of 4.40%.  Of the $120.0 million of term advances with the FHLB at December 31, 2011, $30.0 million matures in one year and $90.0 million matures over one year.  Maturities of advances due over one year include $10.0 million in 2013, $20.0 million in 2014, $10.0 million in 2015, and $50.0 million in 2017.
 
The Company’s FHLB borrowings at December 31, 2011 included $75.0 million, at cost, in fixed-rate callable borrowings, which can be called by the FHLB if certain conditions are met.  Additional details on the fixed-rate callable advances are provided in the following table.
 
   
Current Balance
 
Rate
 
Maturity Date
 
Call Date
 
Call Frequency
 
Call Features
   
5,000,000
 
3.065%
 
February 28, 2013
 
February 28, 2012
 
Quarterly
 
FHLB Option
   
10,000,000
 
4.680%
 
June 9, 2014
 
March 8, 2012
 
Quarterly
 
FHLB Option
   
10,000,000
 
4.756%
 
June 9, 2014
 
March 8, 2012
 
Quarterly
 
FHLB Option
   
5,000,000
 
4.405%
 
March 29, 2017
 
March 29, 2012
 
Quarterly
 
LIBOR strike 6.0%
   
5,000,000
 
4.894%
 
May 22, 2017
 
February 22, 2012
 
Quarterly
 
LIBOR strike 7.0%
   
10,000,000
 
4.915%
 
June 8, 2017
 
March 8, 2012
 
Quarterly
 
FHLB Option
   
10,000,000
 
5.135%
 
June 8, 2017
 
March 8, 2012
 
Quarterly
 
LIBOR strike 7.0%
   
10,000,000
 
5.189%
 
June 8, 2017
 
March 8, 2012
 
Quarterly
 
FHLB Option
   
10,000,000
 
5.183%
 
June 28, 2017
 
June 28, 2012
 
Quarterly
 
FHLB Option
Total
 
$75,000,000
                   
 
Other borrowings included a term borrowing with a bank totaling $10.8 million and $19.4 million at December 31, 2011 and 2010, respectively.  There were also a Treasury Tax and Loan Note account with the Federal Reserve Bank of New York totaling $100,000 at December 31, 2011 and 2010, and borrowings from unrelated financial institutions totaling $11,000 and $21,000 at December 31, 2011 and 2010, respectively.
 
The Company elected to apply the fair value option for a $10.0 million, 10-year fixed convertible FLHB advance at 5.183%, convertible at the end of 3 years with a maturity of June 28, 2017.  The $10.0 million advance identified for fair value was selected because its duration was similar to the durations of trading securities. As of December 31, 2011, the aggregate fair value of the $10.0 million FHLB advance was approximately $12.1 million.  For the twelve months ended December 31, 2011, the fair value of this advance increased by $464,000 net mark-to-market loss of $(464,000).  The change in fair value is included on the Company’s Consolidated Statements of Income in “Mark-to-Market Gain (Loss) on Liabilities Held at Fair Value.”