SHORT-TERM BORROWINGS:

12 Months Ended

Dec. 31, 2011

SHORT-TERM BORROWINGS:

SHORT-TERM BORROWINGS:

11.     SHORT-TERM BORROWINGS:

A summary of the carrying value of the Corporation’s short-term borrowings at December 31, 2011 and 2010 is presented below:

(Dollar amounts in thousands)	2011		2010
Federal funds purchased	$	43,167	$	3,310
Repurchase-agreements	56,855		28,936
Other short-term borrowings	—		1,860
	$	100,022	$	34,106

(Dollar amounts in thousands)	2011			2010
Average amount outstanding	$	43,015		$	39,753
Maximum amount outstanding at a month end	100,022			47,209
Average interest rate during year	0.44		%	0.82		%
Interest rate at year-end	0.10		%	0.83		%

Federal funds purchased are generally due in one day and bear interest at market rates. Other borrowings, primarily note payable—U.S. government, are due on demand, secured by a pledge of securities and bear interest at market rates. Substantially all repurchase agreement liabilities represent amounts advanced by various customers. Securities are pledged to cover these liabilities, which are not covered by federal deposit insurance. The Corporation maintains possession of and control over these securities.