Note 7 - Short-Term Borrowings

12 Months Ended

Dec. 31, 2011

Short-term Debt [Text Block]

Note 7.                 Short-Term Borrowings

Short-term borrowings as of December 31, 2011 and 2010 are summarized as follows:

	2011		2010
Overnight repurchase agreements with customers	$	110,236,450	$	118,904,499
Federal funds purchased		103,300,000		22,250,000
	$	213,536,450	$	141,154,499

Information concerning overnight repurchase agreements with customers is summarized as follows as of December 31, 2011 and 2010:

	2011			2010
Average daily balance during the period	$	110,468,792		$	108,232,012
Average daily interest rate during the period		0.23	%		0.41	%
Maximum month-end balance during the period	$	117,901,743		$	135,143,147
Weighted average rate as of end of period		0.23	%		0.50	%
Securities underlying the agreements as of end of period:
Carrying value	$	197,464,247		$	157,042,240
Fair value		197,464,247			157,042,240

The securities underlying the agreements as of December 31, 2011 and 2010 were under the Company's control in safekeeping at third-party financial institutions.

Information concerning federal funds purchased is summarized as follows as of December 31, 2011 and 2010:

	2011			2010
Average daily balance during the period	$	33,702,904		$	33,896,522
Average daily interest rate during the period		0.27	%		0.31	%
Maximum month-end balance during the period	$	103,300,000		$	46,990,000
Weighted average rate as of end of period		0.22	%		0.27	%