SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

6 Months Ended

Jun. 30, 2012

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE.

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9.  SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

At June 30, 2012, December 31, 2011 and June 30, 2011, securities sold under agreements to repurchase totaled $12.3 million, $16.9 million, and $16.2 million, respectively, and were secured by U.S. GSE, residential mortgage-backed securities and residential collateralized mortgage obligations with a carrying amount of $16.7 million, $22.5 million and $23.3 million, respectively.

Securities sold under agreements to repurchase are financing arrangements with $2.3 million maturing during the third 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 six months ended						For the year ended
(Dollars in thousands)	June 30, 2012			June 30, 2011			December 31, 2011
Average daily balance	$	13,155		$	16,335		$	16,715
Average interest rate	3.12		%	3.31		%	3.23		%
Maximum month-end balance	$	16,722		$	16,332		$	17,469
Weighted average interest rate	3.11		%	3.26		%	3.18		%