Long-Term Borrowings

Long-term borrowings consisted of the following at December 31:



	2011				2010
(Dollars in thousands)	Balance		Weighted- Average Rate		Balance		Weighted- Average Rate
Callable national market repurchase agreements	$	65,000	3.43	%	$	65,000	3.43	%
FHLB convertible rate advances	—		—	%	7,500		4.81	%
FHLB putable non-amortizing, fixed rate advances	60,000		3.28	%	60,000		3.28	%
FHLB amortizing, fixed rate advances	17,312		3.59	%	20,203		3.58	%
FHLB non-amortizing, fixed rate advances	—		—	%	5,000		3.13	%
Total long-term borrowings	$	142,312	3.38	%	$	157,703	3.45	%

Peoples' national market repurchase agreements consist of agreements with unrelated financial service companies and have original maturities ranging from 3 to 10 years. In general, these agreements may not be terminated by Peoples prior to the maturity without incurring additional costs. The callable agreements contain call option features, in which the buyer has the right, at its discretion, to terminate the repurchase agreement after an initial period ranging from 3 months to 5 years. After the initial call period, the buyer has the right to terminate the agreement on a quarterly basis thereafter until maturity. If the buyer exercises its option, Peoples would be required to repay the agreement in whole at the quarterly date.

The FHLB advances consist of various borrowings with original maturities ranging from 3 to 20 years that generally may not be repaid prior to maturity without Peoples incurring a penalty. The rate on the convertible rate advances are fixed from initial periods ranging from one to four years, depending on the specific advance. After the initial fixed rate period, the FHLB has the option to convert each advance to a LIBOR based, variable rate advance. If the FHLB exercises its option, Peoples may repay the advance in whole or in part on the conversion date or any subsequent repricing date without a prepayment fee. At all other times, early repayment of any convertible rate advance would result in Peoples incurring a prepayment penalty. For the putable advances, the FHLB has the option, at its sole discretion following an initial period of three months, to terminate the debt and require Peoples to repay the advance prior to the final stated maturity. After the initial period, the FHLB has the option to terminate the debt on a quarterly basis. If the advance is terminated prior to maturity, the FHLB will offer Peoples replacement funding at the then-prevailing rate on an advance product then-offered by the FHLB, subject to normal FHLB underwriting criteria. As discussed in Note 8, long-term FHLB advances are collateralized by assets owned by Peoples.

The aggregate minimum annual retirements of long-term borrowings in future periods are as follows:



(Dollars in thousands)	Balance		Weighted-Average Rate
2012	$	7,408	3.58	%
2013	2,225		3.67	%
2014	1,721		3.55	%
2015	1,466		3.55	%
2016	1,256		3.56	%
Thereafter	128,236		3.36	%
Total long-term borrowings	$	142,312	3.38	%