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Borrowed Funds
9 Months Ended
Sep. 30, 2011
Borrowed Funds 
Borrowed Funds

Note 11 – Borrowed Funds

 

The following is a summary of short-term borrowings with original maturities of less than one year:

 

 

(Dollars in thousands)

 

Nine Months Ended

September 30, 2011

 

 

Year Ended

December 31, 2010

 

Securities sold under agreements to repurchase:

 

 

 

 

 

 

Outstanding at end of period

 

$

44,462

 

 

$

39,139

 

Weighted average interest rate at end of period

 

 

0.35

%

 

 

0.72

%

Maximum amount outstanding as of any month end

 

$

44,621

 

 

$

49,940

 

Average amount outstanding

 

$

41,130

 

 

$

41,434

 

Approximate weighted average rate during the period

 

 

0.58

%

 

 

0.68

%

 

At September 30, 2011, the repurchase agreements were secured by $55.0 million in available-for-sale investment securities.

 

The following is a summary of long-term borrowings with original maturities exceeding one year:

 

(In thousands)

 

September 30, 

2011

 

 

December 31,

2010

 

FHLB advances, bearing interest at rates ranging from 2.46% to 4.73% at September 30, 2011

 

$

160,578

 

 

$

196,370

 

Junior subordinated debt, bearing interest at rates ranging from 2.20% to 9.88% at September 30, 2011

 

 

46,730

 

 

 

46,730

 

Total long-term debt

 

$

207,308

 

 

$

243,100

 

 

At September 30, 2011, the long-term FHLB advances were secured by $146.1 million in loans, and $28.8 million in investment securities.

 

The contractual maturities of all long-term borrowings are as follows:

 

 

 

September 30, 2011

 

 

December 31, 2010

 

 

 

Fixed 

Rate

 

 

Floating

Rate

 

 

Total

 

 

Total

 

Due in 2011

 

$

15,250

 

 

$

0

 

 

$

15,250

 

 

$

51,000

 

Due in 2012

 

 

44,250

 

 

 

0

 

 

 

44,250

 

 

 

44,250

 

Due in 2013

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Due in 2014

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Due in 2015

 

 

30,000

 

 

 

5,000

 

 

 

35,000

 

 

 

35,000

 

Due in 2016

 

 

0

 

 

 

0

 

 

 

0

 

 

 

0

 

Thereafter

 

 

81,879

 

 

 

30,929

 

 

 

112,808

 

 

 

112,850

 

Total long-term debt

 

$

171,379

 

 

$

35,929

 

 

$

207,308

 

 

$

243,100