Securities Sold under agreements to Repurchase and overnight Borrowings

12 Months Ended

Dec. 31, 2011

Securities and Securities Sold under agreements to Repurchase and overnight Borrowings [Abstract]

Securities Sold Under Agreements to Repurchase and Overnight Borrowings

NOTE J – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OVERNIGHT BORROWINGS

Securities sold under agreements to repurchase (repurchase agreements) are direct obligations and are secured by securities held in safekeeping at a correspondent bank. Repurchase agreements are offered primarily to certain large deposit customers as deposit equivalent investments. Information relating to securities sold under agreements to repurchase is as follows (in thousands):

	2011			2010
At December 31:
Outstanding balance	$	18,074		$	15,027
Average interest rate		0.24	%		0.30	%
Daily average for the year:
Outstanding balance	$	16,162		$	16,714
Average interest rate		0.32	%		0.30	%
Maximum outstanding at any month end	$	18,074		$	18,847

At December 31, 2011, the Bank had a $3,000,000 line of credit arrangement available to purchase federal funds, with no outstanding borrowings.