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FHLB Stock
12 Months Ended
Dec. 31, 2011
FHLB Stock [Abstract]  
FHLB Stock

Note 13 — FHLB Stock

The Company’s investment in FHLB stock totaled $301.7 million at December 31, 2011 and $337.2 million at December 31, 2010. As a member of the FHLB, the Company is required to hold shares of FHLB stock in an amount at least equal to 1.0 percent of the aggregate unpaid principal balance of its mortgage loans, home purchase contracts and similar obligations at the beginning of each year or 1/20th of its FHLB advances, whichever is greater. During 2011 the Company redeemed $35.5 million of FHLB stock and during 2010 the Company redeemed $36.3 million in FHLB stock. Dividends received on the stock equaled $8.3 million, $7.0 million, and $6.2 million for the years ended December 31, 2011, 2010 and 2009, respectively. These dividends were recorded in the Consolidated Statements of Operations as “other fees and charges, net”.