(8) Borrowings

Borrowings are summarized as follows:

	At December 31,
	2012		2011
(Dollars in Thousands)	Amount	Weighted Average Rate	Amount	Weighted Average Rate
Reverse repurchase agreements	$ 1,100,000	4.32%	$ 1,700,000	4.30%
FHLB-NY advances	2,897,000	2.07	2,043,000	3.13
Other borrowings, net	376,496	6.62	378,573	7.11
Total borrowings, net	$ 4,373,496	3.03%	$ 4,121,573	3.98%

Reverse Repurchase Agreements

The outstanding reverse repurchase agreements at December 31, 2012 and 2011 had original contractual maturities between five and ten years, are fixed rate and were secured by mortgage-backed securities. The mortgage-backed securities collateralizing these agreements had an amortized cost of $1.21 billion and an estimated fair value of $1.23 billion, including accrued interest, at December 31, 2012 and an amortized cost of $1.87 billion and an estimated fair value of $1.91 billion, including accrued interest, at December 31, 2011 and are classified as encumbered securities on the consolidated statements of financial condition.

The following table summarizes information relating to reverse repurchase agreements.

	At or For the Year Ended December 31,
(Dollars in Thousands)	2012	2011	2010
Average balance during the year	$ 1,422,678	$ 1,926,575	$ 2,275,068
Maximum balance at any month end during the year	1,700,000	2,100,000	2,500,000
Balance outstanding at end of year	1,100,000	1,700,000	2,100,000
Weighted average interest rate during the year	4.28%	4.23%	4.14%
Weighted average interest rate at end of year	4.32	4.30	4.19

Reverse repurchase agreements at December 31, 2012, all of which are callable in 2013 and at various times thereafter, have contractual maturities as follows:

Year		Amount
		(In Thousands)
2015		$ 200,000
2017		900,000
Total		$ 1,100,000

FHLB-NY Advances

Pursuant to a blanket collateral agreement with the FHLB-NY, advances are secured by all of our stock in the FHLB-NY, certain qualifying mortgage loans and mortgage-backed and other securities not otherwise pledged.

The following table summarizes information relating to FHLB-NY advances.

	At or For the Year Ended December 31,
(Dollars in Thousands)	2012	2011	2010
Average balance during the year	$ 2,765,985	$ 2,063,700	$ 2,915,658
Maximum balance at any month end during the year	3,215,000	2,487,000	3,235,000
Balance outstanding at end of year	2,897,000	2,043,000	2,391,000
Weighted average interest rate during the year	2.24%	3.45%	3.67%
Weighted average interest rate at end of year	2.07	3.13	3.62

FHLB-NY advances at December 31, 2012 have contractual maturities as follows:

Year	Amount
	(In Thousands)
2013	$ 1,047,000	(1)
2014	150,000
2015	300,000
2016	750,000	(2)
2017	650,000	(3)
Total	$ 2,897,000

(1) Includes $22.0 million of borrowings due overnight, $650.0 million of borrowings due in less than 30 days, $50.0 million of borrowings due in 30-60 days and $325.0 million of borrowings due after 90 days.

(2) Includes $200.0 million of borrowings which are callable in 2013 and at various times thereafter.

(3) Callable in 2013 and at various times thereafter.

Other Borrowings

On June 19, 2012, we completed the sale of $250.0 million aggregate principal amount of 5.00% senior unsecured notes due 2017, or 5.00% Senior Notes. The notes are registered with the Securities and Exchange Commission, or SEC, bear a fixed rate of interest of 5.00% and mature on June 19, 2017. We may redeem all or part of the 5.00% Senior Notes at any time, subject to a 30 day minimum notice requirement, at par together with accrued and unpaid interest to the redemption date. The carrying amount of the notes was $247.6 million at December 31, 2012.

On September 13, 2012, we redeemed $250.0 million of senior unsecured notes which were scheduled to mature on October 15, 2012 and incurred a $1.2 million prepayment penalty which is included in other non-interest expense in our consolidated statement of income for the year ended December 31, 2012. The notes had a fixed interest rate of 5.75% and were issued in 2002. The notes, which were designated as our 5.75% Senior Notes due 2012, Series B, were registered with the SEC. The carrying amount of the notes was $249.7 million at December 31, 2011.

Our finance subsidiary, Astoria Capital Trust I, issued in 1999, $125.0 million aggregate liquidation amount of 9.75% Capital Securities due November 1, 2029, or Capital Securities, in a private placement, and $3.9 million of common securities (which are the only voting securities of Astoria Capital Trust I), which are owned by Astoria Financial Corporation, and used the proceeds to acquire Junior Subordinated Debentures issued by Astoria Financial Corporation. The Junior Subordinated Debentures totaled $128.9 million at December 31, 2012 and 2011, have an interest rate of 9.75%, mature on November 1, 2029 and are the sole assets of Astoria Capital Trust I. The Junior Subordinated Debentures are prepayable, in whole or in part, at our option at declining premiums to November 1, 2019, after which the Junior Subordinated Debentures are prepayable at par value. The Capital Securities have the same prepayment provisions as the Junior Subordinated Debentures. Astoria Financial Corporation has fully and unconditionally guaranteed the Capital Securities along with all obligations of Astoria Capital Trust I under the trust agreement relating to the Capital Securities.

The terms of our other borrowings subject us to certain debt covenants. We were in compliance with such covenants at December 31, 2012.

Interest expense on borrowings is summarized as follows:

	For the Year Ended December 31,
(In Thousands)	2012	2011	2010
Reverse repurchase agreements	$ 61,855	$ 82,602	$ 95,538
FHLB-NY advances	62,675	71,909	107,917
Other borrowings	29,689	27,262	27,262
Total interest expense on borrowings	$ 154,219	$ 181,773	$ 230,717