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Borrowed Funds

3 Months Ended

Mar. 31, 2012

7. Borrowed Funds

Borrowed funds at March 31, 2012 and December 31, 2011 are summarized as follows:


	March 31, 2012					December 31, 2011
	Principal		Weighted Average Rate			Principal		Weighted Average Rate
	(Dollars in thousands)

Securities sold under agreements to repurchase:
FHLB	$	800,000		4.53	%	$	800,000		4.53	%
Other brokers		6,150,000		4.44			6,150,000		4.44

Total securities sold under agreements to repurchase		6,950,000		4.45			6,950,000		4.45

Advances from the FHLB		7,225,000		3.68			8,125,000		3.39

Total borrowed funds	$	14,175,000		4.06	%	$	15,075,000		3.87	%

Accrued interest payable	$	66,565				$	66,252

The average balances of borrowings and the maximum amount outstanding at any month-end are as follows:


	March 31, 2012			December 31, 2011
	(Dollars in thousands)

*Repurchase Agreements:*
Average balance outstanding during the period	$	6,950,000		$	9,127,800

Maximum balance outstanding at any month-end during the period	$	6,950,000		$	14,750,000

Weighted average rate during the period		4.52	%		4.37	%


*FHLB Advances:*
Average balance outstanding during the period	$	7,774,195		$	13,349,342

Maximum balance outstanding at any month-end during the period	$	7,875,000		$	14,875,000

Weighted average rate during the period		3.55	%		3.44	%

At March 31, 2012, $7.93 billion of our borrowed funds may be put back to us at the discretion of the lender. The remaining $6.25 billion of borrowed funds at March 31, 2012 are fixed-rate, fixed-maturity borrowings. At March 31, 2012, borrowed funds had scheduled maturities and potential put dates as follows:


	Borrowings by Scheduled					Borrowings by Earlier of Scheduled
	Maturity Date					Maturity or Next Potential Put Date
			Weighted					Weighted
			Average					Average
Year	Principal		Rate			Principal		Rate
	(Dollars in thousands)

2012	$	2,000,000		0.84	%	$	4,675,000		2.88	%
2013		—		—			1,325,000		4.69
2014		—		—			3,725,000		4.47
2015		75,000		4.62			275,000		4.10
2016		3,925,000		4.92			3,925,000		4.92
2017		2,475,000		4.37			—		—
2018		700,000		3.65			250,000		3.10
2019		1,725,000		4.62			—		—
2020		3,275,000		4.53			—		—

Total	$	14,175,000		4.06	%	$	14,175,000		4.06	%