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

12 Months Ended

Dec. 31, 2011

Time Deposits Securities Sold Under Agreements To Repurchase And Related Party Deposits

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, 2011, the scheduled maturities of time deposits were as follows:

($ in thousands)

2012	$	1,003,566
2013		162,617
2014		65,288
2015		64,592
2016		37,873
Thereafter		1,503
	$	1,335,439

For the years ended December 31, 2011, 2010, and 2009, the Company recorded amortization of deposit premiums amounting to $337,000, $2,211,000 and $3,911,000, respectively, which reduced interest expense. The deposit premiums related to the Company’s acquisitions are discussed in Note 2. The Company has $123,000 remaining in unamortized deposit premiums at December 31, 2011.

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. At December 31, 2011, securities with an amortized cost of $17,184,000 and a market value of $17,155,000 were pledged to secure securities sold under agreements to repurchase.

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

($ in thousands)	2011			2010
Balance at December 31	$	17,105		$	54,460
Weighted average interest rate at December 31		0.32	%		0.36	%
Maximum amount outstanding at any month-end during the year	$	72,926		$	68,157
Average daily balance outstanding during the year	$	55,011		$	57,443
Average annual interest rate paid during the year		0.33	%		0.52	%

Deposits received from executive officers and directors and their associates totaled approximately $30,764,000 and $27,607,000 at December 31, 2011 and 2010, 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.