13.	SHORT-TERM BORROWINGS

Securities sold under agreements to repurchase with a weighted average contractual maturity of 365 days or less are treated as financings, and the obligations to repurchase the identical securities sold are reflected as a liability with the dollar amount of securities underlying the agreements remaining in the asset accounts. The underlying securities are held in a custodial account subject to our control. At December 31, 2011 and 2010, we had no securities sold under agreements to repurchase.

At December 31, 2011, other short-term borrowings consist of overdraft balances in due from bank accounts.

At December 31, 2011, our bank had additional unused borrowings available at the Federal Reserve discount window of $31.0 million. As of December 31, 2011, certain commercial real estate and commercial loans totaling $52.4 million have been pledged as collateral on our line of credit with the Federal Reserve discount window. The Federal Reserve does not have the right to sell or repledge these loans. In September 2011, the bank was upgraded from the Federal Reserve's secondary credit facility to the primary credit facility, and regained its eligibility for the Borrower-in-Custody program.

At December 31, 2010, other short-term borrowings consisted of short-term FHLB advances of $200.0 million and the Treasury Tax and Loan balance of $2.5 million, which represents tax payments collected on behalf of the U.S. government. At December 31, 2010, the short-term FHLB advances had an adjustable interest rate of 0.58%. The rate adjusts on a quarterly basis to the three month LIBOR rate plus a spread of 0.28%. Treasury Tax and Loan balances bear market interest rates and are callable at any time. Interest expense on short-term FHLB advances were $0.2 million, $1.1 million and nil in 2011, 2010 and 2009, respectively.

A summary of our short-term borrowings as of December 31, 2011, 2010 and 2009 is as follows:

	Year Ended December 31,
	2011			2010			2009
	(Dollars in thousands)
Securities sold under agreements to repurchase
Amount outstanding at December 31	$	-		$	-		$	239,669
Average amount outstanding during year		-			52,214			129,802
Highest month-end balance during year		-			236,669			263,669
Weighted average interest rate on balances
outstanding at December 31		-			-			0.21	%
Weighted average interest rate during year		-			0.21	%		0.23	%

Other short-term borrowings
Amount outstanding at December 31	$	34		$	202,480		$	2,760
Average amount outstanding during year		35,809			167,608			57,918
Highest month-end balance during year		201,962			202,480			279,725
Weighted average interest rate on balances
outstanding at December 31		0.00	%		0.58	%		0.00	%
Weighted average interest rate during year		0.57	%		0.64	%		0.43	%