Short-Term Borrowings

9 Months Ended

Sep. 30, 2011

Short-Term Borrowings [Abstract]

SHORT-TERM BORROWINGS

6. SHORT-TERM BORROWINGS

Information relating to our securities sold under agreements to repurchase follows:

	Nine Months Ended September 30, 2011			Twelve Months Ended December 31, 2010
Outstanding balance at end of period	$	69,340,000		$	116,979,000
Average interest rate at end of period		0.29	%		0.69	%
Average daily balance during the period	$	82,719,000		$	107,781,000
Average interest rate during the period		0.57	%		1.31	%
Maximum daily balance during the period	$	116,979,000		$	133,280,000

Securities sold under agreements to repurchase (“repurchase agreements”) generally have original maturities of less than one year. Repurchase agreements are treated as financings and the obligations to repurchase securities sold are reflected as liabilities. Securities involved with the agreements are recorded as assets of our bank and are held in safekeeping by a correspondent bank. Repurchase agreements are offered principally to certain large deposit customers. Repurchase agreements are secured by securities with an aggregate market value equal to the aggregate outstanding balance.