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Borrowed Funds: | 12 Months Ended
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Dec. 31, 2011
Borrowed Funds: |
Borrowed Funds: | ## Note 9 — Borrowed Funds: Short-term borrowings at December 31, 2011 and 2010 consisted of the following:
|  | 2011 |  | 2010
|  | (Dollars in Thousands)
Securities sold under agreements to repurchase |  | $ | — |  |  | $ | 28,855 |
Federal funds purchased and FHLB short-term advances |  |  | — |  |  |  | 13,000 |
Total short-term borrowings |  | $ | — |  |  | $ | 41,855 |
The weighted average interest rates for short-term borrowings at December 31, 2011 and 2010 were zero percent and 0.27 percent, respectively. Long-term borrowings at December 31, 2011 and 2010 consisted of the following:
|  | 2011 |  | 2010
|  | (Dollars in Thousands)
FHLB long-term advances |  | $ | 120,000 |  |  | $ | 130,000 |
Securities sold under agreements to repurchase |  |  | 41,000 |  |  |  | 41,000 |
Total long-term borrowings |  | $ | 161,000 |  |  | $ | 171,000 |
Securities sold under agreements to repurchase had average balances of $67.4 million and $86.1 million for the years ended December 31, 2011 and 2010, respectively. The maximum amount outstanding at any month end during 2011 and 2010 was $84.8 million and $95.9 million, respectively. The average interest rate paid on securities sold under agreements to repurchase were 3.39 percent and 2.97 percent for the years ended December 31, 2011 and 2010, respectively. Overnight federal funds purchased averaged $2.9 million during 2011 as compared to $0.4 million during 2010. The weighted average interest rates on long term borrowings at December 31, 2011 and 2010 were 3.93 percent and 4.02 percent, respectively. The maximum amount outstanding at any month-end during 2011 and 2010 was $161.0 million and $223.1 million, respectively. The average interest rates paid on Federal Home Loan Bank advances were 3.51 percent and 3.95 percent for the years ended December 31, 2011 and 2010, respectively. At December 31, 2011 and 2010, advances from the Federal Home Loan Bank of New York ("FHLB") amounted to $120.0 million and $130.0 million, respectively. The FHLB advances had a weighted average interest rate of 3.46 percent and 3.61 percent at December 31, 2011 and 2010, respectively. These advances are secured by pledges of FHLB stock, 1 – 4 family residential mortgages, commercial real estate mortgages and U.S. Government and Federal Agency obligations. The advances are subject to quarterly call provisions at the discretion of the FHLB and at December 31, 2011 and 2010, are contractually scheduled for repayment as follows:
|  | 2011 |  | 2010
|  | (Dollars in Thousands)
2011 |  | $ | — |  |  | $ | 10,000 |
2013 |  |  | 5,000 |  |  |  | 5,000 |
2016 |  |  | 20,000 |  |  |  | 20,000 |
2017 |  |  | 55,000 |  |  |  | 55,000 |
2018 |  |  | 40,000 |  |  |  | 40,000 |
Total |  | $ | 120,000 |  |  | $ | 130,000 |
The securities sold under repurchase agreements to other counterparties included in long-term debt totaled $41.0 million at December 31, 2011 and 2010. The weighted average rates were 5.31 percent at December 31, 2011 and 2010. The schedule for contractual repayment is as follows:
|  | 2011 |  | 2010
|  | (Dollars in Thousands)
2011 |  | $ | — |  |  | $ | — |
2015 |  |  | 10,000 |  |  |  | 10,000 |
2017 |  |  | 15,000 |  |  |  | 15,000 |
2018 |  |  | 16,000 |  |  |  | 16,000 |
Total |  | $ | 41,000 |  |  | $ | 41,000 |

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- Definition The entire disclosure for borrowing from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 14 -Subparagraph h -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 47 -Paragraph 17 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Audit and Accounting Guide (AAG) -Number AAG-DEP -Chapter 15 -Paragraph 37 -IssueDate 2006-05-01 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13(a)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher OTS -Name Federal Regulation (FR) -Number Title 12 -Chapter V -Section 563c.102 -Paragraph 15, 18 -Subsection I -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 + Details
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