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Borrowings | 12 Months Ended
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Dec. 31, 2012
Borrowings | 13. BORROWINGS During 2009 and 2008, the Bank entered into borrowing agreements with the FHLB. The Bank had $198.9 million of a term FHLB advance at December 31, 2012 with an interest rate of 4.52% and $448.7 million at December 31, 2011 with a weighted average rate of 3.89%. FHLB held certain investment securities and loans of the Bank as collateral for those borrowings. The average outstanding balance for 2012 and 2011 was $362.7 million and $548.0 million, respectively. The maximum outstanding at any month-end was $448.8 million during 2012 and $548.6 million during 2011. At December 31, 2012, we had $26.0 million of overnight borrowings with the FHLB at a cost of 12 basis points. At December 31, 2012, $2.32 billion of loans and $2.24 billion of investment securities, at carrying value, were pledged to secure public deposits, short and long-term borrowings, and for other purposes as required or permitted by law. The Bank incurred prepayment penalties on borrowings of $20.4 million in 2012, $3.3 million in 2011 and $18.7 million in 2010. In November 2006, we began a repurchase agreement product with our customers. This product, known as Citizens Sweep Manager, sells our securities overnight to our customers under an agreement to repurchase them the next day. As of December 31, 2012 and 2011, total funds borrowed under these agreements were $473.2 million and $509.4 million, respectively, with weighted average interest rates of 0.28% and 0.35%. The future contractual maturity of the term FHLB advance as of December 31, 2012 is as follows:
|  | December 31, 2012 |
Year of maturity: |  | (Dollars in thousands) |
2013 |  | $ | — |
2014 |  |  | — |
2015 |  |  | — |
2016 |  |  | 200,000 |
2017 |  |  | — |
Thereafter |  |  | — |
Total borrowed funds |  | $ | 200,000 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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