SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9 Months Ended

Sep. 30, 2013

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

9.  SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

At September 30, 2013, December 31, 2012 and September 30, 2012, securities sold under agreements to repurchase totaled $11.3 million, $12.4 million, and $13.1 million, respectively, and were secured by U.S. GSE, residential mortgage-backed securities and residential collateralized mortgage obligations with a carrying amount of $16.4 million, $17.1 million and $17.6 million, respectively.

Securities sold under agreements to repurchase are financing arrangements with $1.3 million maturing during the fourth 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 nine months ended						For the year ended
(Dollars in thousands)	September 30, 2013			September 30, 2012			December 31, 2012
Average daily balance	$	11,975		$	13,018		$	13,016
Average interest rate	3.12		%	3.05		%	3.01		%
Maximum month-end balance	$	12,903		$	16,722		$	16,722
Weighted average interest rate	3.07		%	3.04		%	2.99		%