FHLB Advances

12 Months Ended

Dec. 31, 2011

Deposit Accounts, FHLB Advances and Regulatory Capital Requirements [Abstract]

FHLB Advances

Note 18 — FHLB Advances

The portfolio of FHLB advances includes floating rate daily adjustable advances, fixed rate putable advances and fixed rate term advances. The following is a breakdown of the advances outstanding.

	December 31,
	2011				2010				2009
	Amount		Weighted Average Rate		Amount		Weighted Average Rate		Amount		Weighted Average Rate
	(Dollars in thousands)
Daily adjustable advances	$	553,000		0.40%	$	325,083		0.50%	$	—		—%
Fixed rate putable advances		—		—		—		—		2,150,000		4.02
Long-term fixed rate term advances		3,400,000		3.10		3,400,000		3.52		1,750,000		4.61
Total	$	3,953,000		2.72%	$	3,725,083		3.25%	$	3,900,000		4.29%

The Company restructured $1.0 billion in FHLB advances during the third quarter 2011. The effect in the overall FHLB advance portfolio was an increase in the average remaining term to 4.3 years at December 31, 2011 from 3.6 years, and a decrease in the weighted average interest rate to 3.1 percent from 3.5 percent.

During 2010, the Company prepaid $500.0 million higher rate FHLB advances, incurring penalties of $19.7 million to prepay these advances. The Company also restructured $1.9 billion in FHLB advances in 2010. This restructuring resulted in the locking in of low terms funding rates while eliminating put features associated with some of the advances. The effect in the overall $3.7 billion FHLB advance portfolio was an increase in the average remaining term to 4.1 years at December 31, 2010 from 2.0 years at December 31, 2009 and a decrease in the weighted average interest rate from 4.29 percent to 3.25 percent.

	For the Years Ended December 31,
	2011			2010			2009
	(Dollars in thousands)
Maximum outstanding at any month end	$	3,953,000		$	3,900,000		$	5,369,000
Average balance		3,620,368			3,765,424			4,926,824
Average interest rate		3.26	%		4.00	%		4.33	%

The following outlines the Company’s FHLB advance final maturity dates as of December 31, 2011.

	December 31, 2011
	(Dollars in thousands)
2012	$	553,000
2013		—
2014		750,000
2015		750,000
2016		1,650,000
Thereafter		250,000
Total	$	3,953,000

At December 31, 2011, the Company has the authority and approval from the FHLB to utilize a line of credit equal to $7.0 billion and the Company may access that line to the extent that collateral is provided. At December 31, 2011, the Company had available collateral sufficient to access $4.6 billion of the line and had $4.0 billion of advances outstanding. Pursuant to collateral agreements with the FHLB, advances are collateralized by non-delinquent single-family residential first mortgage loans, loans repurchased with government guarantees, certain other loans and investment securities.