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Federal Funds Purchased and Securities Sold Under Agreements to Repurchase
12 Months Ended
Dec. 31, 2012
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase  
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

Note 10—Federal Funds Purchased and Securities Sold Under Agreements to Repurchase

        Federal funds purchased and securities sold under agreements to repurchase generally mature within one to three days from the transaction date, but may have maturities as long as nine months per our policies. Certain of the borrowings have no defined maturity date. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The Company monitors the fair value of the underlying securities on a daily basis. Some securities underlying these agreements include arrangements to resell securities from broker-dealers approved by the Company. Information concerning federal funds purchased and securities sold under agreements to repurchase are below:

 
  December 31,  
 
  2012   2011   2010  
(Dollars in thousands)
  Amount   Rate   Amount   Rate   Amount   Rate  

At period-end:

                                     

Federal funds purchased and securities sold under repurchase agreements

  $ 238,621     0.17 % $ 180,436     0.25 % $ 191,017     0.28 %

Average for the year:

                                     

Federal funds purchased and securities sold under repurchase agreements

  $ 229,185     0.20 % $ 210,098     0.25 % $ 214,096     0.29 %

Maximum month-end balance:

                                     

Federal funds purchased and securities sold under repurchase agreements

  $ 254,104         $ 243,960         $ 266,818