Other Borrowings

6 Months Ended

Jun. 30, 2011

10.	Other Borrowings

At June 30, 2011 the Bank had a total of $125.0 million in long-term borrowings from FHLB with maturities ranging from 2012 to 2017, bearing a weighted-average rate of 2.22%. At December 31, 2010, the Bank had a total of $195.0 million in long-term borrowings from FHLB. In February and May 2011, the Bank repaid an aggregate of approximately $70 million in FHLB advances with maturity dates during 2011 and early 2012. As a result of such early prepayments, the Company incurred prepayment costs of $0.3 million. As of June 30, 2011, the Bank had $60.0 million in off-balance sheet FHLB letters of credit used for collateralization of public deposits held by the Bank. The Bank’s available line of credit with the FHLB is reduced by the amount of these letters of credit. Also, as of both June 30, 2011 and December 31, 2010, the Bank had $41.0 million of senior unsecured debt issued in connection with the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program (“TLGP”) maturing February 12, 2012 and bearing a weighted-average rate of 2.00% (exclusive of net issuance costs which are being amortized on a straight-line basis over the term of the debt, and a 1.00% per annum FDIC insurance assessment applicable to TLGP debt). See “Capital Resources” and “Liquidity” under Management’s Discussion and Analysis of Financial Condition and Results of Operations for further discussion.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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