Securities Sold Subject to Repurchase Agreements

12 Months Ended

Dec. 31, 2012

Securities Sold Under Repurchase Agreements [Abstract]

Securities Sold Subject to Repurchase Agreements

Securities Sold Subject to Repurchase Agreements

Securities sold under agreements to repurchase, which are classified as secured borrowings, generally are short-term agreements. These agreements are treated as financing transactions and the obligations to repurchase securities sold are reflected as a liability in the consolidated financial statements. The dollar amount of securities underlying the agreements remains in the applicable asset account of the consolidated financial statements. These agreements had a weighted average interest rate of 0.32% and 0.33% at December 31, 2012 and 2011, respectively. All of the repurchase agreements in existence at December 31, 2012 mature on a daily basis. A $30.0 million repurchase agreement matured and paid off in July 2011. At its maturity, the agreement had a variable interest rate of 0.0%, reindexed quarterly based on 90-Day LIBOR. At December 31, 2012 and 2011, the Company pledged as collateral, certain investment securities with aggregate amortized costs of $76.5 million and $106.0 million, respectively. These investment securities had market values of $76.9 million and $108.9 million at December 31, 2012 and 2011, respectively.