Securities Sold Under Agreements to Repurchase

12 Months Ended

Dec. 31, 2012

Securities Sold Under Agreements to Repurchase

Securities Sold Under Agreements to Repurchase

Note 9.  Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature either daily or within one year from the transaction date.  Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction.  The underlying securities are held by the Company’s safekeeping agent.  The Company may be required to provide additional collateral based on the fair value of the underlying securities.  The following table sets forth the distribution of securities sold under agreements to repurchase and weighted average interest rates:

	December 31,
	2012			2011
	(dollars in thousands)
Balance	$	139,024		$	127,867
Weighted average interest rate at end of period	0.15		%	0.21		%
Maximum outstanding at any month end	$	146,710		$	142,557
Average daily balance	$	132,150		$	127,095
Weighted average interest rate during period (1)	0.21		%	0.29		%

(1)The weighted average interest rate is computed by dividing total interest for the period by the average daily balance outstanding.