Note 7 — Borrowings

The following tables summarize the components of short- and long-term borrowings, principally FHLB borrowings, securities sold under agreements to repurchase and federal funds purchased, and their related weighted-average interest rates for the years 2012 and 2011: (dollars in thousands)

	Short-Term			Long-Term
December 31, 2012	Borrowings			Borrowings			Total
Daily average outstanding	$	57		$	-		$	57
Total interest cost		-			-			-
Average interest rate paid		0.48	%		-	%		0.48	%
Maximum amount outstanding at any month-end	$	-		$	-		$	-
December 31, balance		-			-			-
Weighted-average interest rate on balances outstanding		-	%		-	%		-	%


	Short-Term			Long-Term
December 31, 2011	Borrowings			Borrowings			Total
Daily average outstanding	$	873		$	19,397		$	20,270
Total interest cost		1			653			654
Average interest rate paid		0.11	%		3.37	%		3.23	%
Maximum amount outstanding at any month-end	$	-		$	40,000		$	40,000
December 31, balance		-			-			-
Weighted-average interest rate on balances outstanding		-	%		-	%		-	%

Assets pledged as collateral to the FHLB at December 31, 2012 and 2011 totaled $85 million and $124 million, respectively, consisting of eligible loans and investment securities as determined under FHLB borrowing guidelines. The Company had no FHLB borrowings outstanding at December 31, 2012 or 2011.