3. Securities Purchased under Agreements to Resell

Securities purchased under agreements to resell are usually collateralized by U.S. government agency and mortgage-backed securities. The counter-parties to these agreements are nationally recognized investment banking firms that meet credit requirements of the Company and with whom a master repurchase agreement has been duly executed. There were no resale agreements as of December 31, 2011. As of December 31, 2010, the Company has one resale agreement of $110.0 million at the rate of 0.2% which matured on March 9, 2011.

The following table sets forth information with respect to securities purchased under agreements to resell.


	2011			2010
	(In thousands)
Balance, December 31	$	—		$	110,000
Annualized weighted-average interest rate, December 31		0.00	%		0.20	%
Daily average amount outstanding during the year	$	84,493		$	6,932
Weighted-average interest rate for the year		0.10	%		0.20	%
Maximum amount outstanding at any month end	$	255,000		$	110,000

For those securities obtained under the resale agreements, the collateral is either held by a third party custodian or by the counter party and is segregated under written agreements that recognize the Company's interest in the securities. Interest income associated with securities purchased under agreements to resell was $83,000 for 2011, $14,000 for 2010, and $1.3 million for 2009.