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Borrowings | 12 Months Ended
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Jun. 30, 2012
Borrowings: |
Borrowings |
8. | Borrowings:
Advances from the FHLB – San Francisco, which mature on various dates through 2021, are collateralized by pledges of certain real estate loans with an aggregate balance at June 30, 2012 and 2011 of $819.4 million and $923.1 million, respectively. In addition, the Bank pledged investment securities totaling $1.1 million at June 30, 2012 to collateralize its FHLB – San Francisco advances under the Securities-Backed Credit (“SBC”) program as compared to $985,000 at June 30, 2011. At June 30, 2012, the Bank’s FHLB – San Francisco borrowing capacity, which is limited to 35% of total assets reported on the Bank’s quarterly Call Report, was approximately $450.4 million as compared to $468.6 million at June 30, 2011 which was similarly limited. As of June 30, 2012 and 2011, the remaining/available borrowing facility was $310.9 million and $245.9 million, respectively, and the remaining/available collateral was $409.0 million and $372.9 million, respectively. As of June 30, 2012 and 2011, the Bank has also secured a $20.2 million and $23.1 million discount window facility, respectively, at the Federal Reserve Bank of San Francisco, collateralized by investment securities with a fair market value of $21.2 million and $24.3 million, respectively.
Borrowings at June 30, 2012 and 2011 consisted of the following:
(In Thousands) | June 30,
2012 |  | 2011
FHLB – San Francisco advances | $ 126,546 |  | $ 206,598
In addition to the total borrowings described above, the Bank utilized its borrowing facility for letters of credit and MPF credit enhancement. The outstanding letters of credit at June 30, 2012 and 2011 were $10.0 million and $13.0 million, respectively; and the outstanding MPF credit enhancement at these dates was $3.0 million and $3.1 million, respectively. As a member of the FHLB – San Francisco, the Bank is required to maintain a minimum investment in FHLB – San Francisco capital stock. The Bank held the required stock investment of $9.4 million and excess capital stock of $12.9 million at June 30, 2012, as compared to the required investment of $14.0 million and excess investment of $13.0 million at June 30, 2011. In fiscal 2012 and 2011, the FHLB – San Francisco redeemed $4.7 million and $4.8 million of excess capital stock. In fiscal 2012, 2011 and 2010, the FHLB – San Francisco distributed $99,000, $110,000 and $112,000 of cash dividends, respectively, to the Bank. The following tables set forth certain information regarding borrowings by the Bank at the dates and for the years indicated:
|  |  | At or For the Year Ended June 30,
(Dollars in Thousands) | 2012 |  | 2011 |  | 2010 |
Balance outstanding at the end of year: |  |  |  |  |  |
| FHLB – San Francisco advances | $ 126,546 |  | $ 206,598 |  | $ 309,647 |
Weighted-average rate at the end of year: |  |  |  |  |  |
| FHLB – San Francisco advances | 3.53% |  | 3.77% |  | 4.13% |
Maximum amount of borrowings outstanding at any month end: |  |  |  |  |  |
| FHLB – San Francisco advances | $ 216,577 |  | $ 309,643 |  | $ 456,688 |
Average short-term borrowings during the year |  |  |  |  |  |
with respect to (1): |  |  |  |  |  |
| FHLB – San Francisco advances | $ 57,500 |  | $ 110,833 |  | $ 103,833 |
Weighted-average short-term borrowing rate during the year |  |  |  |  |  |
with respect to (1): |  |  |  |  |  |
| FHLB – San Francisco advances | 3.54% |  | 4.32% |  | 4.23% |
(1) Borrowings with a remaining term of 12 months or less.
The aggregate annual contractual maturities of borrowings at June 30, 2012 and 2011 are as follows:
(Dollars in Thousands) | June 30,
2012 |  | 2011
Within one year | $ 20,000 |  | $ 90,000
Over one to two years | 65,000 |  | 20,000
Over two to three years | - |  | 65,000
Over three to four years | - |  | -
Over four to five years | - |  | -
Over five years | 41,546 |  | 31,598
Total borrowings | $ 126,546 |  | $ 206,598
Weighted average interest rate | 3.53% |  | 3.77%

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 47 -Paragraph 17 -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-DEP -Paragraph 37 -IssueDate 2006-05-01 -Chapter 15 -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 FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher OTS -Name Federal Regulation (FR) -Number Title 12 -Section 563c.102 -Paragraph 15, 18 -Chapter V -Subsection I -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 14 -Subparagraph h -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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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