OTHER BORROWINGS

6 Months Ended

Jun. 30, 2011

NOTE 7 – OTHER BORROWINGS

Other borrowings consist of the following obligations at June 30, 2011 and December 31, 2010

	June 30, 2011		December 31, 2010

Federal funds purchased	$	4,319	$	–
Short-term repurchase agreements		7,320		18,011
Wholesale structured repurchase agreements		13,500		13,500

Total other borrowings	$	25,139	$	31,511

PSB pledges various securities available for sale as collateral for repurchase agreements. The fair value of securities pledged for repurchase agreements totaled $31,211 at June 30, 2011 and $36,639 at December 31, 2010.

The following information relates to securities sold under repurchase agreements and other borrowings for the three months and six months ended June 30, 2011 and June 30, 2010:

	Three months ended June 30,						Six months ended June 30,
	2011			2010			2011			2010

As of end of period – weighted average rate		2.61	%		2.70	%		2.61	%		2.70	%
For the period:
Highest month-end balance	$	27,279		$	24,864		$	32,644		$	30,185
Daily average balance	$	26,154		$	23,352		$	28,421		$	25,201
Weighted average rate		2.53	%		2.89	%		2.36	%		3.19	%

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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