(8) SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

A summary of securities sold under agreements to repurchase as of and for the years ended December 31, 2011, 2010 and 2009 is as follows:

	2011			2010			2009
Securities sold under agreements to repurchase:
Balance at December 31	$	37,106,842		$	44,774,615		$	54,263,257
Maximum month-end balance	$	51,183,631		$	56,119,633		$	66,190,640
Average balance during year	$	43,731,872		$	48,433,900		$	59,141,554
Weighted-average interest rate at December 31		3.20	%		3.35	%		3.36	%
Average interest rate paid during year		3.14	%		3.39	%		3.31	%

Information concerning outstanding securities repurchase agreements as of December 31, 2011 is summarized as follows:

Remaining Term to Final Maturity (1)	Repurchase Liability		Accrued Interest Payable		Weighted Average Rate			Estimated Fair Value of Collateral Securities (2)
Within 90 days	$	10,106,842	$	5,469		0.06	%	$	24,012,686
After 90 days but within one year		5,000,000		25,000		3.75	%		11,245,397
After one year but within five years		2,000,000		6,131		3.28	%		2,602,886
After five years but within ten years		20,000,000		64,733		4.13	%		23,456,503
Total	$	37,106,842	$	101,333		3.20	%	$	61,317,472

(1)

The weighted-average remaining term to final maturity was approximately 3.2 years at December 31, 2011. At December 31, 2011, $20.0 million of the securities repurchase agreements contained call provisions. The weighted-average rate at December 31, 2011 on the callable securities repurchase agreements was 4.13%, with a weighted-average remaining period of approximately 1.3 years to the call date. At December 31, 2011, $17.1 million of the securities repurchase agreements did not contain call provisions. The weighted-average rate at December 31, 2011 on the non-callable securities repurchase agreements was 1.61%, with a weighted-average term to maturity of approximately 3 months.

(2)	Represents the estimated fair value of the securities subject to the repurchase agreements, including accrued interest receivable, of approximately $240 thousand at December 31, 2011.