Note 10: Short-term Borrowings

12 Months Ended

Dec. 31, 2012

Notes

Note 10: Short-term Borrowings

Note 10:    Short-Term Borrowings

Short-term borrowings at December 31, 2012 and 2011, are summarized as follows:

	2012	2011
(In Thousands)
Note payable – Community Development
Equity Funds	$772	$660
Securities sold under reverse repurchase agreements	179,644	216,737
Total	$180,416	$217,397

The Bank enters into sales of securities under agreements to repurchase (reverse repurchase agreements).  Reverse repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as a liability in the statements of financial condition.  The dollar amount of securities underlying the agreements remains in the asset accounts.  Securities underlying the agreements are being held by the Bank during the agreement period.  All agreements are written on a one-month or less term.

Short-term borrowings had weighted average interest rates of 0.07% and 0.22% at December 31, 2012 and 2011, respectively.  Short-term borrowings averaged approximately $212.7 million and $250.8 million for the years ended December 31, 2012 and 2011, respectively.  The maximum amounts outstanding at any month end were $226.4 million and $277.7 million, respectively, during those same periods.