Note 11. Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase are financing arrangements that generally mature within 90 days. Repurchase agreements are secured by U.S. Treasury and U.S. Agency securities and, if required, are held in third party pledge accounts. At maturity, the securities underlying the agreements are returned to the Company. Securities sold under agreements to repurchase are secured by mortgage-backed securities with a carrying value of $18.0 million and $16.2 million at year-end 2011 and 2010. The securities underlying the agreements remain in the respective asset accounts. As of December 31, 2011, the Company did not have amounts at risk under repurchase agreements with any individual counterparty or group of counterparties that exceeded 10% of stockholders' equity. Information concerning securities sold under agreements to repurchase is summarized as follows:


		2011			2010

Average daily balance during the year	$	18,189		$	13,484
Average interest rate during the year		0.24	%		0.33	%
Maximum month-end balance during the year		21,364			16,188
Weighted average interest rate at year-end		0.25	%		0.25	%