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Borrowings | 6 Months Ended
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Jun. 30, 2013
Borrowings |
Note 7. | Borrowings
The following table summarizes borrowings by type for the periods indicated:
|  | June 30, 2013 |  |  | December 31, 2012 |
(Amounts in thousands) |  |  |  |  |  |
Securities sold under agreements to repurchase |  | $ | 121,204 |  |  | $ | 136,118 |
FHLB borrowings |  |  | 150,000 |  |  |  | 161,558 |
Subordinated debt |  |  | 15,464 |  |  |  | 15,464 |
Other debt |  |  | 413 |  |  |  | 413 |
Total |  | $ | 287,081 |  |  | $ | 313,553 |
Securities sold under agreements to repurchase consisted of retail overnight and term repurchase agreements of $71.20 million at June 30, 2013, and $77.92 million at December 31, 2012, and wholesale repurchase agreements of $50.00 million at June 30, 2013, and $58.20 million at December 31, 2012. During the first quarter of 2013, the Company prepaid wholesale repurchase agreements totaling $8.15 million that resulted in a $79 thousand gain. The weighted average rate of wholesale repurchase agreements was 3.71% at June 30, 2013, and 3.34% at December 31, 2012. Securities sold under agreements to repurchase are collateralized with agency MBS and municipal securities. FHLB borrowings included convertible and callable advances totaling $150.00 million at June 30, 2013, and $155.28 million at December 31, 2012, and fixed rate credit of $6.27 million at December 31, 2012. During the first quarter of 2013, the Company prepaid FHLB borrowings totaling $11.47 million that resulted in a $217 thousand gain. The callable advances may be redeemed at quarterly intervals. 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 borrowings was 4.12% at June 30, 2013, and 3.86% at December 31, 2012. Advances from the FHLB were secured by qualifying loans of $1.04 billion at June 30, 2013, and $998.14 million at December 31, 2012. At June 30, 2013, unused borrowing capacity with the FHLB totaled $294.83 million. At June 30, 2013, the FHLB borrowings had approximate contractual maturities between three and eight years. The scheduled maturities of the advances are as follows:
|  | Amount |
(Amounts in thousands) |  |  |
2013 |  | $ | — |
2014 |  |  | — |
2015 |  |  | — |
2016 |  |  | — |
2017 |  |  | 100,000 |
2018 and thereafter |  |  | 50,000 |
|  | $ | 150,000 |
Also included in borrowings 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 net proceeds from the offering were contributed as capital to the Bank to support further growth. 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.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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