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Borrowed Funds
 3 Months Ended
Mar. 31, 2013
Borrowed Funds [Abstract]  
Borrowed Funds

Note 12.  Borrowed Funds 

  

Short-Term Borrowings 

  

Short-term borrowings, which consist primarily of securities sold under agreements to repurchase, Federal Home Loan Bank ("FHLB") advances and federal funds purchased, generally have maturities of less than one year. The details of these short-term borrowings are presented in the following table.

  

 

                 

 

 

March 31, 2013

 

 

March 31, 2012

 

 

(dollars in thousands)

 

Average interest rate:

 

 

 

 

 

 

At quarter end  

 

 

—

%

 

 

—

%

For the quarter

 

 

0.21

%

 

 

0.13

%

Average amount outstanding during the quarter

 

$

333

 

 

$

220

 

Maximum amount outstanding at any month end in the quarter

 

$

—

 

 

$

—

 

Amount outstanding at quarter end

 

$

—

 

 

$

—

 

 

Long-Term Borrowings

 

Long-term borrowings, which consist primarily of FHLB advances and securities sold under agreements to repurchase, totaled $146.0 million at March 31, 2013 and mature within four to eight years. The FHLB advances are secured by pledges of certain collateral, including but not limited to U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgages and commercial real estate loans.

At March 31, 2013, FHLB advances had a weighted average interest rate of 3.44 percent and are contractually scheduled for repayment as follows: 

         

 

 

March 31, 2013

 

 

 

(in thousands)

 

2016

 

 

20,000

 

Thereafter

 

 

95,000

 

   Total

 

$

115,000

 

 

The Corporation has entered into agreements under which it has sold securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability in the Corporation's consolidated statement of condition, while the securities underlying the securities sold under agreements to repurchase remain in the respective asset accounts and are delivered to and held as collateral by third party trustees. At March 31, 2013, securities sold under agreements to repurchase had a weighted average interest rate of 5.90 percent and are contractually scheduled for repayment as follows:

         

 

 

March 31, 2013

 

 

 

(in thousands)

 

After 2016

 

   $

31,000

 

   Total

 

$

31,000