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Borrowings

9 Months Ended

Sep. 30, 2012

Note 9. Borrowings

The following table summarizes borrowings at September 30, 2012, and December 31, 2011:


(Amounts in thousands)	September 30, 2012		December 31, 2011
Securities sold under agreements to repurchase	$	146,904	$	129,208
FHLB advances		161,558		150,000
Subordinated debt		15,464		15,464
Other debt		413		469

Total	$	324,339	$	295,141

Securities sold under agreements to repurchase consisted of retail overnight and term repurchase agreements of $88.71 million at September 30, 2012, and $79.21 million at December 31, 2011, and wholesale repurchase agreements of $58.20 million at September 30, 2012, and $50.00 million at December 31, 2011. The weighted average contractual rate of wholesale repurchase agreements was 3.37% at September 30, 2012, and 3.65% at December 31, 2011. Securities sold under agreements to repurchase are collateralized with agency MBS.

FHLB borrowings included convertible and callable advances totaling $155.28 million at September 30, 2012, and $150.00 million at December 31, 2011, and fixed rate credit of $6.27 million at September 30, 2012. 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. The weighted average rate of FHLB advances was 3.86% at September 30, 2012, and 4.12% at December 31, 2011. Advances from the FHLB were secured by qualifying loans of $1.04 billion at September 30, 2012, and $693.33 million at December 31, 2011. At September 30, 2012, unused borrowing capacity with the FHLB totaled $283.90 million.

At September 30, 2012, the FHLB borrowings had approximate contractual maturities between eleven months and nine years. The scheduled maturities of the advances are as follows:


(Amounts in thousands)	Amount
2012	$	—
2013		11,558
2014		—
2015		—
2016		—
2017 and thereafter		150,000

Total	$	161,558

In October 2003, the Company issued $15.46 million of junior subordinated debentures (the “Debentures”) 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’s obligations under the Debentures and other relevant Trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of the Trust’s obligations.

- 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.

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