Interest-Bearing Deposits

12 Months Ended

Dec. 31, 2011

Interest-Bearing Deposits [Abstract]

7. Interest-Bearing Deposits

Interest-bearing deposits at December 31, 2011 and 2010 are summarized as follows:


	2011		2010
	(in thousands)
NOW accounts	$	324,877	$	248,662
Savings accounts		38,370		37,992
Money market deposits		657,500		589,197
Time deposits:
Certificates of deposit		558,874		715,030
Brokered certificates of deposit		407,068		449,836
Out-of-local-market certificates of deposit		135,838		99,313
CDARS time deposits		122,219		182,879
Public time deposits		54,086		70,697
Out-of-local-market CDARS time deposits		21,899		—

Total time deposits		1,299,984		1,517,755

Total	$	2,320,731	$	2,393,606

At December 31, 2011, time deposits in the amount of $100,000 or more totaled $562.3 million compared to $645.4 million at December 31, 2010. Interest expense on time deposits with balances of $100,000 or more was $4.7 million for the year ended December 31, 2011, $7.3 million for the year ended December 31, 2010, and $10.6 million for the year ended December 31, 2009.

The Bank participates in two programs in the Certificate of Deposit Account Registry Service network ("CDARS"). The reciprocal program allows the Bank to accommodate depositors with large cash balances who are seeking the full deposit insurance protection by placing these funds in CDs issued by other banks in the network. Through a matching system, the Bank will receive funds back for certificates of deposit ("CDs") that it issues for other banks in the network, thus allowing the Bank to retain the full amount of the original deposit. The Bank also participates in the one-way buy program. Through this system, the Bank bids on funds from depositors who are attempting to maximize the return on their deposit while they are continuing to maintain the full FDIC insurance on their deposits. Funds are deposited in the bank with the winning bid.

Brokered CDs are carried net of mark-to-market adjustments when they are the hedged item in a fair value hedging relationship and net of the related broker placement fees of $2.0 million at December 31, 2011 and $1.6 million at December 31, 2010, which are amortized to the maturity date of the related brokered CDs. The amortization is included in deposit interest expense. As of December 31, 2011, the Company had four brokered CDs with a balance of $60.0 million, that could be called after a lock-out period but before their stated maturity. During 2011 and 2010, the Company did not incur any expenses associated with brokered CDs that were called before their stated maturity.

At December 31, 2011, the scheduled maturities of total time deposits are as follows:


Year	Amount
	(in thousands)
2012	$	876,079
2013		212,863
2014		61,416
2015		43,675
2016		41,274
Thereafter		64,677

Total	$	1,299,984

- Definition

The entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.

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