SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

12 Months Ended

Dec. 31, 2011

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

6. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

At December 31, 2011, 2010 and 2009, securities sold under agreements to repurchase totaled $16.9 million, $16.4 million and $15.0 million, respectively, and were secured by U.S. GSE, residential mortgage-backed securities and residential collateralized mortgage obligations with a carrying amount of $23.3 million, $22.3 million and $22.2 million, respectively.

Securities sold under agreements to repurchase are financing arrangements with $1.9 million maturing during the first quarter of 2012, $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:

	2011			2010			2009
(Dollars in thousands)
Average daily balance during the year	$	16,715		$	16,648		$	15,000
Average interest rate during the year	3.23		%	3.10		%	2.35		%
Maximum month-end balance during the year	$	17,469		$	17,192		$	15,000
Weighted average interest rate at year-end	3.18		%	3.21		%	2.35		%