NOTE 7: SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM DEBT

Securities sold under agreements to repurchase and other short-term debt consisted of the following at December 31, 2011 and 2010:


(In thousands)	2011		2010
Demand note due U.S. Treasury	$	0	$	2,964
Securities sold under agreements to repurchase - short-term		262,527		224,693
	$	262,527	$	227,657

FHLB short term borrowings mature daily. There were no outstanding balances at December 31, 2011. The Demand Note Due U.S. Treasury matures daily and bears interest at the federal funds rate less 0.25%; the rate on this borrowing at December 31, 2011 was zero. The Securities Sold Under Agreements to Repurchase are collateralized by mortgage backed securities and collateralized mortgage backed obligations. The repurchase agreements mature daily and the average rate paid on these funds for 2011 was 0.95%. The carrying value of the securities sold under repurchase agreements was $290.06 million and the market value was $296.73 million at December 31, 2011. We maintain effective control over the securities underlying the agreements.

As of December 31, 2011, we could borrow up to $44 million in overnight funds through unsecured borrowing lines established with correspondent banks. We have established both overnight and longer term lines of credit with the FHLB. The borrowings are secured by residential mortgage loans. The total amount of loans pledged to the FHLB for both short and long-term borrowing arrangements totaled $225.86 million and $193.29 million at December 31, 2011 and 2010, respectively. We have $111.76 million in additional short or long-term borrowing capacity with FHLBB. We also have the ability to borrow short-term or long-term through the use of repurchase agreements, collateralized by our investments, with certain approved counterparties.

The following table provides certain information regarding other borrowed funds for the three years ended December 31, 2011, 2010 and 2009:


(In thousands)	2011			2010			2009
FHLB short-term borrowings
Amount outstanding at year end	$	0		$	0		$	0
Maximum month-end amount outstanding		0			13,000			35,000
Average amount outstanding		359			1,316			5,721
Weighted average-rate during the year		0.28	%		0.31	%		0.33	%
Weighted average rate at year-end		0	%		0	%		0	%
Demand note due U.S. Treasury
Amount outstanding at year end	$	0		$	2,964		$	1,403
Maximum month-end amount outstanding		3,013			3,330			1,676
Average amount outstanding		1,794			1,414			1,094
Weighted average-rate during the year		0	%		0	%		0	%
Weighted average rate at year-end		0	%		0	%		0	%
Securities sold under agreement to repurchase
Amount outstanding at year end	$	262,527		$	224,693		$	178,315
Maximum month-end amount outstanding		266,897			224,693			178,315
Average amount outstanding		217,823			172,165			108,295
Weighted average-rate during the year		0.95	%		0.94	%		0.57	%
Weighted average rate at year-end		0.91	%		1.01	%		0.93	%