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Structured Repurchase Agreements
12 Months Ended
Dec. 31, 2011
Structured Repurchase Agreements [Abstract]  
Structured Repurchase Agreements

Note 13:           Structured Repurchase Agreements

In September 2008, the Company entered into a structured repo borrowing transaction for $50 million.  This borrowing bears interest at a fixed rate of 4.34% if three-month LIBOR remains at 2.81% or less on quarterly interest reset dates; if LIBOR is above the 2.81% rate on quarterly interest reset dates, then the Company’s borrowing rate decreases by 2.5 times the difference in LIBOR (up to 250 basis points).  This borrowing matures September 15, 2015, and has a call provision that allows the repo counterparty to call the borrowing quarterly beginning September 15, 2011.  The Company pledges investment securities to collateralize this borrowing. 

As part of the September 4, 2009, FDIC-assisted transaction involving Vantus Bank, the Company assumed $3.0 million in repurchase agreements with commercial banks.  These agreements were recorded at their estimated fair value which was derived using a discounted cash flow calculation that applies interest rates currently being offered on similar borrowings to the scheduled contractual maturity on the outstanding borrowing.  As of September 4, 2009, the fair value of the repurchase agreements was $3.2 million with an effective interest rate of 2.84%.  These borrowings bear interest at a fixed rate of 4.68% and are due in 2013.  The Company pledges investment securities to collateralize the borrowings in an amount of at least 110% of the total borrowings outstanding.  At both December 31, 2011 and 2010, the book value of these repurchase agreements was $3.1 million.