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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2011
Short-Term Borrowings [Abstract]  
Short-Term Borrowings

(9) SHORT-TERM BORROWINGS

The following is a summary of short-term borrowings:

 

                 
     December 31,  
     2011     2010  
     (Dollars in thousands)  

Federal funds purchased

    $ —      $ 6,000   

Repurchase agreements

      8,274        1,250   
    

 

 

    

 

 

  

Total

    $ 8,274      $ 7,250   
    

 

 

    

 

 

  

Weighted average interest rate

      0.70 %      0.19 % 
    

 

 

    

 

 

  

End of period interest rate

      0.54 %      0.18 % 
    

 

 

    

 

 

  

Federal funds purchased represents borrowings of overnight funds from other financial institutions.

The Company enters into sales of securities to certain of its customers with simultaneous agreements to repurchase. These agreements represent an overnight borrowing of funds.