Time Deposits, Securities Sold Under Agreements to Repurchase, and Related Party Deposits

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements

Time Deposits, Securities Sold Under Agreements to Repurchase, and Related Party Deposits

Note 9. Time Deposits, Securities Sold Under Agreements to Repurchase, and Related Party Deposits 

At December 31, 2012, the scheduled maturities of time deposits were as follows:

($ in thousands)
2013	$	888,823
2014		119,240
2015		83,545
2016		45,858
2017		33,071
Thereafter		3,123
	$	1,173,660

For the years ended December 31, 2012, 2011, and 2010, the Company recorded amortization of deposit premiums amounting to $85,000, $337,000 and $2,211,000, respectively, which reduced interest expense. The deposit premiums related to the Company’s acquisitions are discussed in Note 2. The Company has $38,000 remaining in unamortized deposit premiums at December 31, 2012.

Securities sold under agreements to repurchase represent short-term borrowings by the Company with maturities less than one year and are collateralized by a portion of the Company’s securities portfolio, which have been delivered to a third-party custodian for safekeeping. The Company had no securities sold under agreements to repurchase at December 31, 2012.

The following table presents certain information for securities sold under agreements to repurchase:

($ in thousands)	2012		2011
Balance at December 31	$	―	$	17,105
Weighted average interest rate at December 31		―		0.32%
Maximum amount outstanding at any month-end during the year	$	16,745	$	72,926
Average daily balance outstanding during the year	$	1,667	$	55,011
Average annual interest rate paid during the year		0.24%		0.33%

Deposits received from executive officers and directors and their associates totaled approximately $30,542,000 and $30,764,000 at December 31, 2012 and 2011, respectively. These deposit accounts have substantially the same terms, including interest rates, as those prevailing at the time for comparable transactions with other non-related depositors.