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OTHER BORROWINGS: | 12 Months Ended
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Dec. 31, 2012
Other Borrowings Disclosure [Abstract] |
OTHER BORROWINGS |
| 12. | OTHER BORROWINGS:
Other borrowings at December 31, 2012 and 2011 are summarized as follows:
(Dollar amounts in thousands) |  | 2012 |  |  | 2011 |
FHLB advances |  | $ | 119,705 |  |  | $ | 140,231 |
Junior subordinated debentures (variable rate) Maturing December 2037 |  |  | - |  |  |  | 6,196 |
TOTAL |  | $ | 119,705 |  |  | $ | 146,427 |
The aggregate minimum annual retirements of other borrowings are as follows:
2013 |  | $ | 61,320 |
2014 |  |  | 45,297 |
2015 |  |  | 2,297 |
2016 |  |  | 10,222 |
2017 |  |  | 569 |
Thereafter |  |  | - |
|  | $ | 119,705 |
The Corporation's subsidiary banks are members of the Federal Home Loan Bank (FHLB) and accordingly are permitted to obtain advances. The advances from the FHLB, aggregating $119.7 million, including $118.6 million at December 31, 2012contractually due and a purchase premium of $1.1 million, and $140.2 million, including $138.6 million at December 31, 2011 contractually due and a purchase premium of $1.6 million, accrue interest, payable monthly, at annual rates, primarily fixed, varying from 2.9% to 6.6% in 2012 and 2.9% to 6.6% in 2011. The advances are due at various dates through August 2017. FHLB advances are, generally, due in full at maturity. They are secured by eligible securities totaling $20.9 million at December 31, 2012, and $8.3 million at December 31, 2011, and a blanket pledge on real estate loan collateral. Based on this collateral and the Corporation's holdings of FHLB stock, the Corporation is eligible to borrow up to $196.7 million at year end 2012. Certain advances may be prepaid, without penalty, prior to maturity. The FHLB can adjust the interest rate from fixed to variable on certain advances, but those advances may then be prepaid, without penalty. In 2011 First Financial Corporation acquired PNB Statutory Trust I in conjunction with its purchase and assumption of the assets and liabilities of Freestar Bank NA and assumption of certain liabilities of PNB Holding Company. First Financial guarantees payments of distributions on the trust preferred securities issued by PNB Statutory Trust I. PNB Statutory Trust I issued $6.0 million in preferred securities in December 2007. The fair value of these securities at acquisition was $6.2 million based upon the intended redemption by the Corporation on December 31, 2012. The preferred securities carried a variable rate of interest priced at the three-month LIBOR plus 230 basis points, payable quarterly and maturing on December 31, 2037. Proceeds from the securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by PNB Statutory Trust I. The Corporation redeemed the junior subordinated debentures and thereby cause redemption of the trust preferred securities in whole on December 31, 2012.

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- Definition The entire disclosure for other borrowings. + References No definition available. + Details
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