Borrowed Funds

6 Months Ended

Jun. 30, 2011

Borrowed Funds

Borrowed Funds

Note 12.  Borrowed Funds

Short-Term Borrowings

Short-term borrowings, which consist primarily of securities sold under agreements to repurchase, Federal Home Loan Bank ("FHLB") advances and federal funds purchased, generally have maturities of less than one year. The details of these short-term borrowings are presented in the following table.

	June 30, 2011
	(dollars in thousands)
Average interest rate:
At quarter end		0.23	%
For the quarter		0.28	%
Average amount outstanding during the quarter	$	36,747
Maximum amount outstanding at any month end in the quarter	$	43,799
Amount outstanding at quarter end	$	32,374

Long-Term Borrowings

Long-term borrowings, which consist primarily of FHLB advances and securities sold under agreements to repurchase, totaled $161.0 million and mature within one to eight years. The FHLB advances are secured by pledges of FHLB stock, 1-4 family mortgages and U.S. Government and Federal agency obligations.

At June 30, 2011, FHLB advances and securities sold under agreements to repurchase had weighted average interest rates of 3.46 percent and 5.31 percent, respectively.

At June 30, 2011, FHLB advances and securities sold under agreements to repurchase are contractually scheduled for repayment as follows:

	June 30, 2011
	(in thousands)
2013	$	5,000
2015		10,000
Thereafter		146,000
Total	$	161,000