Note 9 — Borrowed Funds:

Short-term borrowings at December 31, 2011 and 2010 consisted of the following:


	2011		2010
	(Dollars in Thousands)
Securities sold under agreements to repurchase	$	—	$	28,855
Federal funds purchased and FHLB short-term advances		—		13,000
Total short-term borrowings	$	—	$	41,855

The weighted average interest rates for short-term borrowings at December 31, 2011 and 2010 were zero percent and 0.27 percent, respectively.

Long-term borrowings at December 31, 2011 and 2010 consisted of the following:


	2011		2010
	(Dollars in Thousands)
FHLB long-term advances	$	120,000	$	130,000
Securities sold under agreements to repurchase		41,000		41,000
Total long-term borrowings	$	161,000	$	171,000

Securities sold under agreements to repurchase had average balances of $67.4 million and $86.1 million for the years ended December 31, 2011 and 2010, respectively. The maximum amount outstanding at any month end during 2011 and 2010 was $84.8 million and $95.9 million, respectively. The average interest rate paid on securities sold under agreements to repurchase were 3.39 percent and 2.97 percent for the years ended December 31, 2011 and 2010, respectively. Overnight federal funds purchased averaged $2.9 million during 2011 as compared to $0.4 million during 2010.

The weighted average interest rates on long term borrowings at December 31, 2011 and 2010 were 3.93 percent and 4.02 percent, respectively. The maximum amount outstanding at any month-end during 2011 and 2010 was $161.0 million and $223.1 million, respectively. The average interest rates paid on Federal Home Loan Bank advances were 3.51 percent and 3.95 percent for the years ended December 31, 2011 and 2010, respectively.

At December 31, 2011 and 2010, advances from the Federal Home Loan Bank of New York ("FHLB") amounted to $120.0 million and $130.0 million, respectively. The FHLB advances had a weighted average interest rate of 3.46 percent and 3.61 percent at December 31, 2011 and 2010, respectively. These advances are secured by pledges of FHLB stock, 1 – 4 family residential mortgages, commercial real estate mortgages and U.S. Government and Federal Agency obligations. The advances are subject to quarterly call provisions at the discretion of the FHLB and at December 31, 2011 and 2010, are contractually scheduled for repayment as follows:


	2011		2010
	(Dollars in Thousands)
2011	$	—	$	10,000
2013		5,000		5,000
2016		20,000		20,000
2017		55,000		55,000
2018		40,000		40,000
Total	$	120,000	$	130,000

The securities sold under repurchase agreements to other counterparties included in long-term debt totaled $41.0 million at December 31, 2011 and 2010. The weighted average rates were 5.31 percent at December 31, 2011 and 2010. The schedule for contractual repayment is as follows:


	2011		2010
	(Dollars in Thousands)
2011	$	—	$	—
2015		10,000		10,000
2017		15,000		15,000
2018		16,000		16,000
Total	$	41,000	$	41,000