SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

12 Months Ended

Dec. 31, 2013

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Abstract]

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

(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, 2013, 2012 and 2011 is as follows:

	2013			2012			2011
Securities sold under agreements to repurchase:
Balance at December 31	$	32,701,223		$	32,710,650		$	37,106,842
Maximum month-end balance	$	32,701,223		$	38,283,747		$	51,183,631
Average balance during year	$	31,101,784		$	34,534,496		$	43,731,872
Weighted-average interest rate at December 31		2.93	%		3.02	%		3.20	%
Average interest rate paid during year		2.76	%		2.88	%		3.14	%

Information concerning outstanding securities repurchase agreements as of December 31, 2013 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	$	12,701,223	$	-		0.10	%	$	16,529,108
After 90 days but within one year		-		-		-	%		-
After one year but within five years		20,000,000		65,766		4.13	%		24,492,110
After five years but within ten years		-		-		-	%		-
Total	$	32,701,223	$	65,766		2.93	%	$	41,021,218

(1)  At December 31, 2013, the securities repurchase agreements were non-callable with a weighted-average rate of 1.85%, and a weighted-average term to maturity ofapproximately 2.3 years.

(2) Represents the estimated fair value of the securities subject to the repurchase agreements, including accrued interest receivable, of approximately $328 thousand at December 31, 2013