Deposits & Customer Repurchase Agreements

Total deposits of $4.78 billion and customer repurchase agreements of $473.2 million totaled $5.25 billion at December 31, 2012. This represents an increase of $133.3 million, or 2.61%, when compared with total deposits and customer repurchase agreements of $5.11 billion at December 31, 2011. Deposits and customer repurchase agreements increased $17.3 million, or 0.33%, when compared with the prior quarter.

Non-interest bearing deposits were $2.42 billion at December 31, 2012, an increase of $393.1 million, or 19.39%, compared to $2.03 billion at December 31, 2011 and an increase of $96.6 million, or 4.16%, when compared to the quarter ended September 30, 2012. At December 31, 2012, non-interest bearing deposits were 50.71% of total deposits, up from 44.04% at December 31, 2011 and 48.62% at September 30, 2012.

Our average cost of total deposits was 0.11% for the three months ended December 31, 2012, compared to our cost of total deposits of 0.15% for the same period last year. Our cost of total deposits including customer repurchase agreements was 0.12% for the three months ended December 31, 2012, compared to 0.17% for the same period last year.

FHLB Advances, Other Borrowings and Debentures

We had $198.9 million in FHLB Advances at December 31, 2012 and September 30, 2012, compared to FHLB Advances of $448.7 million at December 31, 2011.

On August 28, 2012, we redeemed five outstanding fixed rate loans from the Federal Home Loan Bank, in an aggregate principal amount of $250 million, with an average coupon of 3.39%. The repayment of these advances, which resulted in a $20.4 million termination expense on a pre-tax basis, was funded from Citizens Business Bank deposits at the Federal Reserve Bank of San Francisco. The Bank focused this set of prepayments on five Federal Home Loan Bank loans, all maturing in 2015.

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