Question-and-Answer Session
Operator
(Operator Instructions). Our first question comes from Rick Weiss of Janney.
Rick Weiss - Janney Montgomery Scott LLC
Good morning. Thank you for taking my question.
Linda Niro
Good morning.
Rick Weiss - Janney Montgomery Scott LLC
First, could you just talk about housekeeping of the tax rate. What would be a normalized rate to use for modeling purposes?
Linda Niro
27%.
Rick Weiss - Janney Montgomery Scott LLC
27%. Okay, great. And, Paul, I guess to follow-up a little bit with regard to the buybacks versus making loans, how would you feel about investing more in securities or leveraging up that portfolio versus buybacks?
Paul Pantozzi
We really want to go out there and do the lending, Rick. We've geared our organization for that purpose, both on the small business and middle-market front. We have staff in place. Our network is poised to go out and become more aggressive in the marketplace in terms of outreach and that would be our preference at this point in time.
Rick Weiss - Janney Montgomery Scott LLC
Okay. Would you have a target for a securities-to-assets ratio?
Linda Niro
We're certainly looking to get it at 20% or a little bit over 20%, so we're moving in that direction.
Rick Weiss - Janney Montgomery Scott LLC
Okay. Thank you very much.
Linda Niro
You're welcome.
Operator
Our next question comes from Matt Kelley of Sterne Agee. Please go ahead.
Matt Kelley - Sterne, Agee & Leach
Yes, hi guys. Question on the time deposits; you have $1.6 billion on the average balance sheet at a 424 cost. How much is going to reprice over the next year and what are you guys promoting right now on CDs as customers rollover?
Linda Niro
About 80% is going to reprice during the coming year and right now we're looking at rates resetting down about 150, 160 basis points.
Matt Kelley - Sterne, Agee & Leach
Okay.
Linda Niro
That's on average.
Matt Kelley - Sterne, Agee & Leach
Right. And on the borrowings, the $1.1 billion of borrowings?
Linda Niro
Yes?
Matt Kelley - Sterne, Agee & Leach
How much is going to mature this year?
Linda Niro
Let's see, about $200 million.
Matt Kelley - Sterne, Agee & Leach
Okay. Are those what you anticipate being called away or are those actual maturities?
Linda Niro
Most of them are prepayments on mortgage-backs --.
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