SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

6 Months Ended

Jun. 30, 2011

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE.

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9.  SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

At June 30, 2011, June 30, 2010 and December 31, 2010, securities sold under agreements to repurchase totaled $16.2 million, $16.8 million, and $16.4 million respectively and were secured by U.S. GSE, mortgage-backed securities and collateralized mortgage obligations with a carrying amount of $22.5 million, $23.8 million and $22.3 million, respectively.

Securities sold under agreements to repurchase are financing arrangements with $1.2 million maturing during the third quarter 2011, $5.0 million maturing during the first quarter of 2013 and $10.0 million maturing during the first quarter of 2015.  At maturity, the securities underlying the agreements are returned to the Company.  Information concerning the securities sold under agreements to repurchase is summarized as follows:

	For the six months ended						For the year ended
(Dollars in thousands)	June 30, 2011			June 30, 2010			December 31, 2010
Average daily balance	$	16,335		$	16,223		$	16,648
Average interest rate	3.31		%	3.02		%	3.10		%
Maximum month-end balance	$	16,332		$	17,187		$	17,192
Weighted average interest rate	3.26		%	3.29		%	3.21		%