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Borrowings
 6 Months Ended
Jun. 30, 2011
Borrowings [Abstract]  
Borrowings
Note 7. Borrowings
The following schedule details the Company’s indebtedness at June 30, 2011, and December 31, 2010.
                 
    June 30,     December 31,  
(In Thousands)   2011     2010  
Securities sold under agreements to repurchase
  $ 137,778     $ 140,894  
FHLB borrowings
    150,000       175,000  
Subordinated debt
    15,464       15,464  
Other long-term debt
    715       729  
 
           
Total
  $ 303,957     $ 332,087  
 
           
Securities sold under agreements to repurchase consist of $87.78 million and $90.89 million of retail overnight and term repurchase agreements at June 30, 2011, and December 31, 2010, respectively, and $50.00 million of wholesale repurchase agreements at both June 30, 2011, and December 31, 2010.
The Company had a derivative interest rate swap instrument where it received LIBOR-based variable interest payments and paid fixed interest payments that expired in January 2011. The instrument effectively fixed $50.00 million of FHLB borrowings at 4.34% for a period of five years. For a more detailed discussion of activities regarding derivatives, please see Note 13 to the Consolidated Financial Statements.
FHLB borrowings included $150.00 million in convertible and callable advances at June 30, 2011, and $175.00 million at December 31, 2010. During the first quarter of 2011, the Company prepaid a $25.00 million FHLB advance. The weighted average interest rate of all the advances was 4.12% at June 30, 2011, and 2.39% at December 31, 2010.
At June 30, 2011, the FHLB advances have approximate contractual maturities between five and ten years. The scheduled maturities of the advances are as follows:
         
(In Thousands)   Amount  
2011
  $ —  
2012
    —  
2013
    —  
2014
    —  
2015
    —  
2016 and thereafter
    150,000  
Total
  $ 150,000  
 
     
The callable advances may be redeemed at quarterly intervals after various lockout periods. These call options may substantially shorten the lives of these instruments. If these advances are called, the debt may be paid in full or converted to another FHLB credit product. Prepayment of the advances may result in substantial penalties based upon the differential between contractual note rates and current advance rates for similar maturities. At June 30, 2011, advances from the FHLB were secured by qualifying loans of $310.71 million.
Also included in other indebtedness is $15.46 million of junior subordinated debentures (the “Debentures”) issued by the Company in October 2003 to an unconsolidated trust subsidiary, FCBI Capital Trust (the “Trust”), with an interest rate of three-month LIBOR plus 2.95%. The Trust was able to purchase the Debentures through the issuance of trust preferred securities which had substantially identical terms as the Debentures. The Debentures mature on October 8, 2033, and are currently callable.
The Company has committed to irrevocably and unconditionally guarantee the following payments or distributions with respect to the preferred securities to the holders thereof to the extent that the Trust has not made such payments or distributions: (i) accrued and unpaid distributions, (ii) the redemption price, and (iii) upon a dissolution or termination of the Trust, the lesser of the liquidation amount and all accrued and unpaid distributions and the amount of assets of the Trust remaining available for distribution, in each case to the extent the Trust has funds available.
In addition to investment securities, at June 30, 2011, wholesale repurchase agreements were collateralized by $35.77 million of interest-bearing balances with banks.