Short-term borrowings

12 Months Ended

Dec. 31, 2011

Short Term Debt Other Disclosures Abstract

Short Term Debt Text Block

NOTE 10: SHORT-TERM BORROWINGS

At December 31, 2011, 2010 and 2009,the composition of short-term borrowings is presented below.

	2011				2010				2009
			Weighted				Weighted				Weighted
(Dollars in thousands)		Amount	Avg. Rate			Amount	Avg. Rate			Amount	Avg. Rate
Federal funds purchased:
As of December 31	$	—	—		$	—	—		$	12,450	0.93
Average during the year		6	1.00	%		1,125	0.94	%		498	0.88	%
Maximum outstanding at
any month-end		—				—				12,450
Securities sold under
agreements to repurchase:
As of December 31	$	2,805	0.50	%	$	2,685	0.50	%	$	3,510	0.50	%
Average during the year		2,416	0.50	%		2,404	0.50	%		10,292	0.50	%
Maximum outstanding at
any month-end		2,936				2,858				15,224

Federal funds purchased represent unsecured overnight borrowings from other financial institutions by the Bank. The Bank had available federal fund lines totaling $40.0 million with none outstanding at December 31, 2011.

Securities sold under agreements to repurchase represent short-term borrowings with maturities less than one year collateralized by a portion of the Company's securities portfolio. Securities with an aggregate carrying value of $4.3 million and $5.0 million at December 31, 2011 and 2010,respectively, were pledged to secure securities sold under agreements to repurchase.