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Other Borrowed Money | 6 Months Ended
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Jun. 30, 2011
Other Borrowed Money [Abstract] |
Other Borrowed Money | (12) Other Borrowed Money Other borrowed money at June 30, 2011 and December 31, 2010 is summarized as follows:
|  | June 30, 2011 |  |  | December 31, 2010 |
Secured Borrowings |  | $ | -- |  |  | $ | 4,076 |
Federal Home Loan Bank Advances |  |  | 71,000 |  |  |  | 71,000 |
|  | $ | 71,000 |  |  | $ | 75,076 |
Advances from the Federal Home Loan Bank (FHLB) have maturities ranging from 2012 to 2019 and interest rates ranging from 3.17 percent to 4.75 percent. Under the Blanket Agreement for Advances and Security Agreement with the FHLB, residential first mortgage loans and cash balances held by the FHLB are pledged as collateral for the FHLB advances outstanding. At June 30, 2011, the Company had available line of credit commitments totaling $186,140, of which $115,080 was available. Secured Borrowings represent the transfer of the guaranteed portion of SBA loans at a premium in which the Company is obligated by the SBA to refund the premium to the “purchaser” if the loan is repaid within 90 days of the transfer. Under Current Accounting Standards, this premium refund obligation is a form of recourse, which means that the transferred guaranteed portion of the loan does not meet the definition of a “participating interest” for the 90-day period that the premium refund obligation exists. As a result, the transfer must be accounted for as a secured borrowing during this period. Effective February 15, 2011, all loans submitted for secondary market sales eliminate the warranty or the 90-day recourse period and the premium may be recognized at the time of the sale. The aggregate stated maturities of other borrowed money at June 30, 2011 are as follows:
Year |  | Amount |
2011 |  | $ | -- |
2012 |  |  | 41,000 |
2013 |  |  | -- |
2014 and Thereafter |  |  | 30,000 |
|  | $ | 71,000 |
The Company also has available federal funds lines of credit with various financial institutions totaling $47,000, of which $0 was outstanding at June 30, 2011.

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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 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 Reference 2: 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 3: 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 4: 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 + Details
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