8. Other Borrowings

Other borrowings at December 31, 2011 and 2010 are summarized as follows:


	2011					2010
	Amount Borrowed		Weighted Average Rate			Amount Borrowed		Weighted Average Rate
	(dollars in thousands)
Securities sold under agreements to repurchase:
Overnight	$	14,315		0.10	%	$	39,249		0.14	%
Term		75,000		1.55			336,336		1.80
Federal funds purchased		78,818		0.38			132,561		0.51
U.S. Treasury tax and loan note option		—		0.00			2,862		0.00

Total	$	168,133		0.88	%	$	511,008		1.33	%

As of December 31, 2011 and 2010, the term repurchase agreements consisted of the following:


	2011		2010
	(in thousands)
Term Repurchase Agreements:
Repurchase agreement – rate 0.39%, matured January 3, 2011, non-callable	$	—	$	52,471
Repurchase agreement – rate 0.41%, matured January 3, 2011, non-callable		—		48,575
Repurchase agreement – rate 0.35%, matured January 5, 2011, non-callable		—		50,290
Structured repurchase agreement – rate 0.60%, matured June 1, 2011, non-callable		—		30,000
Structured repurchase agreement – rate 1.29%, due January 26, 2012, non-callable		10,000		10,000
Structured repurchase agreement – rate 1.24%, due March 2, 2012, non-callable		25,000		25,000
Structured repurchase agreement – rate 3.20%, due December 13, 2012, callable after March 13, 2008		—		20,000
Structured repurchase agreement – rate 1.81%, due July 29, 2015, non-callable		40,000		40,000
Structured repurchase agreement – rate 4.31%, due September 27, 2012, callable after September 27, 2009		—		40,000
Structured repurchase agreement – rate 3.70%, due December 13, 2012, callable after December 13, 2009		—		20,000

Total term repurchase agreements	$	75,000	$	336,336

Under the terms of the securities sold under agreements to repurchase, if the market value of the pledged securities declines below the repurchase liability, the Bank may be required to provide additional collateral to the counterparty. For overnight repurchase agreements, the Bank maintains control of the pledged securities. However, for the term repurchase agreements, the pledged securities are held by the counterparty.

During 2011, the Company modified the terms of an existing structured repurchase agreement to extend the maturity date and reduce the interest rate. The new instrument was treated as a modification of the old instrument in accordance with ASC Topic 740—Debt. In addition, three structured repurchase agreements were terminated in 2011. The Company incurred a net amount of $3.4 million in early extinguishment of debt expense in 2011 recorded in noninterest expense related to these terminations. These changes were made to shift funding sources to lower cost alternatives. At December 31, 2011, there were no term repurchase agreements eligible to be called.

Information concerning securities sold under agreements to repurchase, including both the overnight and term agreements, for the years ended December 31, 2011, 2010 and 2009 is summarized as follows:


	2011			2010			2009
	(dollars in thousands)
Daily average balance during the year	$	197,058		$	387,693		$	237,360
Daily average rate during the year		2.22	%		2.09	%		3.47	%
Maximum amount outstanding at any month end	$	364,421		$	443,766		$	261,707
Weighted average interest rate at year end		1.32	%		1.63	%		3.33	%

Under the treasury tax and loan note option, the Bank is authorized to accept U.S. Treasury Department deposits of excess funds along with the deposits of customer taxes. These liabilities bear interest at a rate of 0.25% below the average federal funds rate (0.00% at December 31, 2011) and are collateralized by a pledge of various investment securities. This program will no longer be offered as of January 1, 2012.

At December 31, 2011, subject to available collateral, the Bank had total pre-approved overnight federal funds borrowings of $164 million and repurchase agreement lines of $850 million. At December 31, 2010, subject to available collateral, the Bank had total pre-approved overnight federal funds borrowings of $119 million and repurchase agreement lines of $930 million.