Short-Term Borrowings

12 Months Ended

Dec. 31, 2011

Short-term Debt [Abstract]

Short-term Debt [Text Block]

SHORT-TERM BORROWINGS (Dollars in Thousands)

	2011			2010			2009
Overnight Advances from the Federal Home Loan Bank of New York,   Federal Funds Purchased and Securities Sold Under Agreements to Repurchase:
Balance at December 31	$	68,293		$	51,581		$	72,020
Maximum Month-End Balance	93,988			67,772			72,020
Average Balance During the Year	54,750			63,082			58,290
Average Rate During the Year	0.17		%	0.20		%	0.22		%
Rate at December 31	0.23		%	0.19		%	0.21		%
Other Short-Term Borrowings:
Balance at December 31	$	—		$	1,633		$	1,888
Maximum Month-End Balance	2,211			2,077			3,224
Average Balance During the Year	1,456			1,399			1,276
Average Rate During the Year	—		%	—		%	—		%
Rate at December 31	—		%	—		%	—		%
Average Aggregate Short-Term Borrowing Rate During the Year	0.16		%	0.19		%	0.22		%

Securities sold under agreements to repurchase generally mature within ninety days.  Arrow maintains effective control over the securities underlying the agreements.  Federal funds purchased represent overnight transactions. Other short-term borrowings are comprised of demand notes issued to the U.S. Treasury.

  Arrow has in place unsecured federal funds lines of credit with three correspondent banks totaling $30,000. There were no funds purchased at December 31, 2011. We participate in the Overnight Advance program with the FHLBNY, which allows for overnight advances up to the limit of pledged collateral, including mortgage-backed securities and loans.  The additional amount available for overnight advances amounted to $114,588 at December 31, 2011.   Our two bank subsidiaries have each established a borrowing facility with the Federal Reserve Bank of New York, pledging certain consumer loans as collateral for potential “discount window” advances.  At December 31, 2011, the amount available under this facility was $244,700, but there were no advances then outstanding.