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Borrowings

12 Months Ended

Dec. 31, 2013

Borrowings [Abstract]

Borrowings

(8) Borrowings

Borrowings consisted of securities sold under agreements to repurchase, FHLB advances, and obligations under capital leases and are summarized as follows (in thousands):

	December 31,
	2013		2012
Repurchase agreements	$      181,000		$      226,000
Other borrowings:
FHLB advances	285,661		188,260
Floating rate advances	2,485		3,394
Obligations under capital leases	1,179		1,468
	$      470,325		$      419,122

FHLB advances are secured by a blanket lien on unencumbered securities and the Company’s FHLB capital stock.

Repurchase agreements and FHLB advances have contractual maturities as follows (in thousands):

	December 31, 2013
	FHLB		Repurchase
	Advances		Agreements
2014	$            43,168		$            56,000
2015	52,500		62,000
2016	53,910		55,000
2017	74,003		6,000
2018	62,080		2,000
	$          285,661		$          181,000

At  December 31, 2013 repurchase agreements have a weighted average rate of 2.70%, with the exception of one repurchase agreement that matures late in the first quarter of 2014 at a rate of 2.92%, all maturing in more than 90 days. The repurchase agreements are secured primarily by mortgage-backed securities with an amortized cost of $192.7 million, and a fair value of $197.9 million, at December 31, 2013.  At  December 31, 2012 repurchase agreements had a weighted average rate of 3.02%, all maturing in more than 90 days. The repurchase agreements were secured primarily by mortgage-backed securities with an amortized cost of $242.4 million, and a fair value of $254.2 million, at December 31, 2012.

The Company has the ability to obtain additional funding from the FHLB and Federal Reserve Bank discount window of approximately $797.3 million, utilizing unencumbered securities of $537.4 million and multifamily loans of $308.7 million at December 31, 2013.  The Company expects to have sufficient funds available to meet current commitments in the normal course of business.

Interest expense on borrowings is summarized as follows (in thousands):

	December 31,
	2013		2012		2011
Repurchase agreements	$      6,492		$      8,573		$    11,207
FHLB advances	3,836		4,071		1,776
Over-night borrowings	10		27		20
Obligations under capital leases	109		136		159
	$    10,447		$    12,807		$    13,162

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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 Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: 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

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