8. BORROWINGS

Short-term Borrowings

Total short-term borrowings consist of securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold. Also included in total short-term borrowings are Federal funds purchased, which are unsecured overnight borrowings from other financial institution. Total short-term borrowings consist of the following as of December 31, 2011 and 2010 (dollars in thousands):

Long-term Borrowings

At both December 31, 2011 and 2010, the Company's fixed-rate long-term debt was made up of FHLB advances that mature on various dates through 2018 at interest rates that range from 3.60% to 3.84%. The company's fixed rate FHLB advances are convertible to floating rate advances at the FHLB's option at various conversion dates in 2013. The carrying value of the loans and securities pledged as collateral for FHLB advances total $849.5 million as of December 31, 2011.

As of December 31, 2011, the advances from the FHLB consist of the following (dollars in thousands):

During the first quarter of 2004, the Company's Statutory Trust I, a wholly owned subsidiary, was formed for the purpose of issuing redeemable capital securities in connection with the acquisition of Guaranty. A Trust Preferred Capital Note of $22.5 million was issued through a pooled underwriting. The securities have a LIBOR-indexed floating rate (three month LIBOR plus 2.75%) which adjusts and is payable quarterly. The interest rate at December 31, 2011 was 3.33%. The capital securities were redeemable at par beginning on June 17, 2009 and each quarterly anniversary of such date until the securities mature on June 17, 2034. The principal asset of the Statutory Trust I is $23.2 million of the Company's junior subordinated debt securities with like maturities and like interest rates to the capital notes, while $696,000 is reflected as the Company's investment in Statutory Trust I reported as "Other assets" within the consolidated balance sheet.

During the first quarter of 2006, the Company's Statutory Trust II, a wholly owned subsidiary, was formed for the purpose of issuing redeemable capital securities in connection with the acquisition of Prosperity that was completed on April 1, 2006. A Trust Preferred Capital Note of $36.0 million was issued through a pooled underwriting. The securities have a LIBOR-indexed floating rate (three month LIBOR plus 1.40%) which adjusts and is payable quarterly. The interest rate at December 31, 2011 was 1.98%. The redeemable securities were redeemable at par begining on March 31, 2011 and each quarterly anniversary of such date until the securities mature in 30 years on March 31, 2036. The principal asset of the Statutory Trust II is $37.1 million of the Company's junior subordinated debt securities with like maturities and like interest rates to the capital notes, while $1.1 million is reflected as the Company's investment in Statutory Trust II reported as "Other assets" within the consolidated balance sheet. See Note 20 "Derivatives" in these "Notes to the Consolidated Financial Statements" whereby this security was party to an interest rate swap.

As part of the acquisition of First Market Bank, the Company assumed $15.4 million of subordinated debt with terms of LIBOR plus 1.45% and a maturity date of April 2016.

As of December 31, 2011, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):

The obligations of the Company with respect to the issuance of the capital securities constitute a full and unconditional guarantee by the Company of the trust's obligations with respect to the capital securities. Subject to certain exceptions and limitations, the Company may elect from time to time to defer interest payments on the junior subordinated debt securities, which would result in a deferral of distribution payments on the related capital securities and require a deferral of common dividends. No such deferrals have taken place to date.

The Bank maintains Federal funds lines with several correspondent banks totaling $113.0 million and $129.0 million at ended December 31, 2011 and 2010, respectively. Additionally, the Company had a collateral dependent line of credit with the FHLB of up to $776.8 million and $660.5 million at December 31, 2011 and 2010, respectively.