Short-Term Borrowings

12 Months Ended

Dec. 31, 2011

Short-Term Borrowings [Abstract]

Short-Term Borrowings

NOTE 12 – SHORT-TERM BORROWINGS

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

(dollars in thousands)	2011		2010
Federal Home Loan Bank advances	$	192,000	$	—
Securities sold under agreements to repurchase		203,543		220,328
Total short-term borrowings	$	395,543	$	220,328

Securities sold under agreements to repurchase, which are classified as secured borrowings, generally mature daily. Securities sold under agreements to repurchase are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities.

The short-term borrowings at December 31, 2011 consisted of one FHLB advance with a maturity of 2 days at a fixed interest rate of 0.140%.

Additional information on the Company's short-term borrowings for the years indicated is as follows:

(dollars in thousands)	2011			2010			2009
Outstanding at December 31st	$	395,543		$	220,328		$	263,351
Maximum month-end outstanding balance		395,543			289,248			263,351
Average daily outstanding balance		220,146			216,116			197,824
Average rate during the year		0.26	%		0.38	%		0.66	%
Average rate at year end		0.27	%		0.24	%		0.48	%