Note 10 — Borrowed Funds:

Long-term borrowings at December 31, 2012 and 2011 consisted of the following:



	2012		2011
	(Dollars in Thousands)
FHLB long-term advances	$	115,000	$	120,000
Securities sold under agreements to repurchase		31,000		41,000
Total long-term borrowings	$	146,000	$	161,000

Securities sold under agreements to repurchase had average balances of $38.2 million and $67.4 million for the years ended December 31, 2012 and 2011, respectively. The maximum amount outstanding at any month end during 2012 and 2011 was $41.0 million and $84.8 million, respectively. The average interest rate paid on securities sold under agreements to repurchase were 5.54 percent and 3.39 percent for the years ended December 31, 2012 and 2011, respectively.

In September 2012, the Corporation terminated a $10.0 million repurchase agreement with Citi Global Market and prepaid a $5.0 million advance from FHLB New York.

The weighted average interest rates on long term borrowings at December 31, 2012 and 2011 were 3.97 percent and 3.93 percent, respectively. The maximum amount outstanding at any month-end during 2012 and 2011 was $161.0 million. The average interest rates paid on Federal Home Loan Bank advances were 3.51 percent for the years ended December 31, 2012 and 2011.

At December 31, 2012 and 2011, advances from the Federal Home Loan Bank of New York ("FHLB") amounted to $115.0 million and $120.0 million, respectively. The FHLB advances had a weighted average interest rate of 3.44 percent and 3.46 percent at December 31, 2012 and 2011, 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, 2012 and 2011, are contractually scheduled for repayment as follows:



	2012		2011
	(Dollars in Thousands)
2013	$	—	$	5,000
2016		20,000		20,000
2017		55,000		55,000
2018		40,000		40,000
Total	$	115,000	$	120,000

The advance due in 2013 was prepaid by the Corporation in September 2012.

The securities sold under repurchase agreements to other counterparties included in long-term debt totaled $31.0 million and $41.0 million at December 31, 2012 and 2011, respectively. The weighted average rates were 5.90 percent and 5.31 percent at December 31, 2012 and 2011, respectively. The schedule for contractual repayment is as follows:



	2012		2011
	(Dollars in Thousands)
2015	$	—	$	10,000
2017		15,000		15,000
2018		16,000		16,000
Total	$	31,000	$	41,000

The repurchase agreement due in 2015 was terminated by the Corporation in September 2012.