SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

3 Months Ended

Mar. 31, 2012

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9.  SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

At March 31, 2012, March 31, 2011 and December 31, 2011, securities sold under agreements to repurchase totaled $11.5 million, $16.3 million, and $16.9 million respectively and were secured by U.S. GSE, residential mortgage-backed securities and residential collateralized mortgage obligations with a carrying amount of $18.8 million, $21.7 million and $23.3 million, respectively.

Securities sold under agreements to repurchase are financing arrangements with $1.5 million maturing during the second quarter of 2012, 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 three months ended						For the year ended
(Dollars in thousands)	March 31, 2012			March 31, 2011			December 31, 2011
Average daily balance	$	13,857		$	16,366		$	16,715
Average interest rate	3.19		%	3.30		%	3.23		%
Maximum month-end balance	$	16,715		$	16,332		$	17,469
Weighted average interest rate	3.16		%	3.26		%	3.18		%