10. Notes Payable and Other Advances

Other advances at December 31, 2011 and 2010 consisted of the following:


	Dec. 31, 2011		Dec. 31, 2010
	(in thousands)
Cole Taylor Bank:
FHLB overnight advance, 0.18% matured January 3, 2011	$	—	$	375,000
FHLB advance – 4.83%, matured February 1, 2011		—		25,000
FHLB advance – 2.29%, matured April 7, 2011		—		25,000
FHLB advance – 0.91%, matured June 1, 2011		—		10,000
FHLB advance – 2.84%, matured July 14, 2011		—		17,500
FHLB overnight advance, 0.13%, due January 3, 2012		185,000		—
FHLB overnight advance, 0.052%, due January 4, 2012		60,000		—
FHLB overnight advance, 0.052%, due January 4, 2012		45,000		—
FHLB overnight advance, 0.052%, due January 4, 2012		20,000		—
FHLB overnight advance, 0.052%, due January 4, 2012		40,000		—
FHLB advance – 1.39%, due January 11, 2012, non-callable		10,000		10,000
FHLB advance – 0.08%, due January 13, 2012, non-callable		25,000		—
FHLB advance – 0.08%, due February 21, 2012, non-callable		200,000		—
FHLB advance – 0.08%, due March 7, 2012, non-callable		100,000		—
FHLB advance – 0.63%, due July 12, 2013, non-callable		20,000		—
FHLB advance – 1.81%, due August 12, 2014, non-callable		25,000		25,000
FHLB advance – 2.03%, due August 12, 2015, non-callable		17,500		17,500

Total other advances	$	747,500	$	505,000

There were no notes payable outstanding at December 31, 2011 or December 31, 2010.

In 2011, the Company modified the terms of two existing FHLB advances to extend the maturity date and convert the fixed rate to a variable rate. The new instruments were treated as modifications of the old instruments in accordance with ASC Topic 740—Debt. These changes were made to shift funding sources to lower cost alternatives.

The Bank participates in the Federal Reserve Bank's Borrower In Custody ("BIC") program. At December 31, 2011 the Bank had pledged $569.2 million of commercial loans as collateral for available $463.3 million borrowing capacity under the BIC program at the FRB. This compares to December 31, 2010 when the Bank had pledged $813.1 million of commercial loans as collateral for available $504.9 million borrowing capacity under the BIC program at the FRB. The Bank had no advances from the FRB at December 31, 2011 or December 31, 2010.

At December 31, 2011, the FHLB advances were collateralized by $782.1 million of investment securities and a blanket lien on $390.8 million of qualified first-mortgage residential, home equity and commercial real estate loans. Based on the value of collateral pledged at December 31, 2011, the Bank had additional borrowing capacity at the FHLB of $277.3 million. In comparison, at December 31, 2010, the FHLB advances were collateralized by $521.6 million of investment securities and a blanket lien on $332.4 million of qualified first-mortgage residential, home equity and commercial real estate loans with additional borrowing capacity of $223.6 million.