Securities Sold Under Agreement to Repurchase and Other Borrowings

12 Months Ended

Dec. 31, 2011

Deposits, Federal Home Loan Bank Advances and Securities Sold Under Agreement to Repurchase and Other Borrowings [Abstract]

SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE AND OTHER BORROWINGS

13. SECURITIES SOLD UNDER AGREEMENT TO REPURCHASE AND OTHER BORROWINGS

The following is a summary of securities sold under an agreement to repurchase and other borrowings:

		September 30,		September 30,			September 30,		September 30,
	December 31,
	2011					2010
	(Dollars in thousands)
	Amount		Weighted average rate			Amount		Weighted average rate
Securities sold under agreement to repurchase-term	$	90,000		4.01	%	$	97,161		3.79	%
Other borrowings		618		4.00	%		636		4.00	%
Total repurchase agreements and other	$	90,618		4.01	%	$	97,797		3.79	%

		September 30,			September 30,			September 30,
	December 31,
	2011			2010			2009
	(Dollars in thousands)
Average daily balance during the year	$	94,477		$	97,717		$	105,357
Average interest rate during the year		3.90	%		3.55	%		3.96	%
Maximum month end balance during the year	$	100,446		$	98,815		$	99,103
Weighted average interest rate at year end		4.01	%		3.79	%		3.85	%

Securities sold under agreements to repurchase are secured primarily by mortgage-backed securities with a fair value of approximately $115.4 million at December 31, 2011 and $129.4 million at December 31, 2010. Securities sold under agreements to repurchase are typically held by the brokerage firm in a wholesale transaction and by an independent third party when they are for retail customers. At maturity, the securities underlying the agreements are returned to United Community. Other borrowings consist of a match-funding advance related to a commercial participation loan aggregating $618,000 at December 31, 2011. At December 31, 2010, other borrowings consisted of the aforementioned match-funding advance of $636,000.

The Holding Company Order requires United Community to obtain regulatory approval at the holding company level prior to incurring debt. As of December 31, 2011, United Community had no debt outstanding. United Community does not intend to seek approval to borrow additional funds in the near term.