SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE

12 Months Ended

Dec. 31, 2011

SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE

SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE

NOTE 11 — SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE

        Securities sold under repurchase agreements ("agreements") consist of obligations secured by securities issued by government-sponsored entities, and a safekeeping agent holds such collateral. The balance at December 31, 2011 and 2010 was $25,789 and $33,181 respectively. The maximum amount of outstanding agreements at any month-end during 2011, 2010, and 2009 totaled $40,960, $50,513, and $54,975. The daily average of such agreements during 2011, 2010, and 2009 totaled $30,404, $39,737, and $47,312. The weighted average rate was 0.44%, 0.55%, and 0.68% at December 31, 2011, 2010, and 2009 while the weighted average rate during 2011, 2010, and 2009 was approximately 0.52%, 0.64%, and 0.85% respectively. The majority of the agreements at December 31, 2011 mature within 30 days.