Borrowed Funds

3 Months Ended

Mar. 31, 2012

Borrowed Funds [Abstract]

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.

	March 31, 2012			March 31, 2011
	(in thousands)
Average interest rate:
At quarter end		—	%		0.30	%
For the quarter		0.13	%		0.27	%
Average amount outstanding during the quarter	$	220		$	47,287
Maximum amount outstanding at any month end in the quarter	$	—		$	71,732
Amount outstanding at quarter end	$	—		$	35,917

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 certain collateral, including but not limited to U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgages and commercial real estate loans.

At March 31, 2012, FHLB advances had a weighted average interest rate of 3.46 percent and are contractually scheduled for repayment as follows:

	March 31, 2012
	(in thousands)
2013	$	5,000
2016		20,000
Thereafter		95,000
Total	$	120,000

The Corporation has entered into agreements under which it has sold securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability in the Corporation's consolidated statements of condition, while the securities underlying the securities sold under agreements to repurchase remain in the respective asset accounts and are delivered to and held as collateral by third party trustees. At March 31, 2012, securities sold under agreements to repurchase had a weighted average interest rate of 5.31 percent and are contractually scheduled for repayment as follows:

	March 31, 2012
	(in thousands)
2015		10,000
Thereafter		31,000
Total	$	41,000