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Federal Home Loan Bank Borrowings
 12 Months Ended
Dec. 31, 2012
Federal Home Loan Bank Borrowings
10. Federal Home Loan Bank Borrowings:

The Company has a borrowing line with the FHLB equal to 30 percent of total assets and subject to discounted collateral and stock holdings. At December 31, 2012, the maximum borrowing line was $412,046; however, the FHLB borrowing line is limited by the lower of the amount of FHLB stock held or the discounted value of collateral pledged. At December 31, 2012, the FHLB stock held by the Company supported a total of $232,482 in borrowings while the discounted value of real estate loans and securities pledged to the FHLB supported borrowings of $226,278. At December 31, 2012, the borrowing line was limited to the amount of collateral pledged of $226,278. At December 31, 2012, there was $118,000 borrowed on this line, $43,000 of these borrowings were long-term and $75,000 were considered short-term borrowings.

The maximum FHLB borrowing line at December 31, 2011, was $381,070. At December 31, 2011, the Company had pledged $461,360 in real estate loans and securities to the FHLB with a discounted collateral value of $253,961. At December 31, 2011, there was $101,500 borrowed on this line and $57,000 of these borrowings were long-term and $44,500 were considered short-term.

Federal Home Loan Bank borrowings by year of maturity and applicable interest rate are summarized as follows as of December 31:

 

    

Current

Rates

     December 31,  
       2012      2011  

Cash Management Advance

      $ —         $ —      

2012

      —          —           60,500   

2013

      0.27%-3.84 %      77,000         22,000   

2014

      —          —           13,500   

2015

      0.60%-1.60 %      13,500         3,500   

2016

      1.84%-2.36 %      22,500         2,000   

2017

      2.28 %      3,000         —     

Thereafter

      3.85 %      2,000         —     
    

 

 

     

 

 

  
     $ 118,000       $ 101,500   
    

 

 

     

 

 

  

On August 6, 2012, the Company restructured $39,000 of FHLB term advances and blended existing advances with a weighted average life of 1.8 years into new term advances with a weighted average life of 4.3 years. Extending the maturity allowed the Company to decrease the weighted average interest rate paid on FHLB term advances from 2.99% to 2.03%.