A summary of securities sold under agreements to repurchase as of and for the years ended December 31, 2012, 2011 and 2010 is as follows:

	2012			2011			2010
Securities sold under agreements to repurchase:
Balance at December 31	$	32,710,650		$	37,106,842		$	44,774,615
Maximum month-end balance	$	38,283,747		$	51,183,631		$	56,119,633
Average balance during year	$	34,534,496		$	43,731,872		$	48,433,900
Weighted-average interest rate at December 31		3.02	%		3.20	%		3.35	%
Average interest rate paid during year		2.88	%		3.14	%		3.39	%

Information concerning outstanding securities repurchase agreements as of December 31, 2012 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	$	12,710,650	$	6,211		1.29	%	$	24,172,258
After 90 days but within one year		-		-		-	%		-
After one year but within five years		-		-		-	%		-
After five years but within ten years		20,000,000		65,767		4.13	%		26,606,450
Total	$	32,710,650	$	71,978		3.02	%	$	50,778,708

(1)

The weighted-average remaining term to final maturity was approximately 2.9 years at December 31, 2012. At December 31, 2012, $10.0 million of the securities repurchase agreements contained call provisions. The weighted-average rate at December 31, 2012 on the callable securities repurchase agreements was 3.72%, with a weighted-average remaining period of approximately 4.5 months to the call date. At December 31, 2012, $22.7 million of the securities repurchase agreements did not contain call provisions. The weighted-average rate at December 31, 2012 on the non-callable securities repurchase agreements was 0.51%, with a weighted-average term to maturity of approximately 2 months.

(2)	Represents the estimated fair value of the securities subject to the repurchase agreements, including accrued interest receivable, of approximately $314 thousand at December 31, 2012.