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Securities Sold Under Agreements to Repurchase and Other Short-Term Borrowings
12 Months Ended
Dec. 31, 2012
Securities Sold Under Agreements to Repurchase and Other Short-Term Borrowings  
Securities Sold Under Agreements to Repurchase and Other Short-Term Borrowings

(9) Securities Sold Under Agreements to Repurchase and Other Short-Term Borrowings

 

Securities sold under agreements to repurchase are a funding source of the Bank and are primarily used by commercial customers in conjunction with corporate cash management accounts. Such repurchase agreements are considered financing agreements and generally mature within one business day from the transaction date. Information concerning securities sold under agreements to repurchase is summarized as follows:

 

 

 

December 31,

 

(Dollars in thousands)

 

2012

 

2011

 

 

 

 

 

 

 

Average balance during the year

 

$

59,861

 

$

61,595

 

Average interest rate during the year

 

0.30

%

0.41

%

Maximum month-end balance during the year

 

$

64,582

 

$

69,818