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Short-Term Borrowings
 12 Months Ended
Dec. 31, 2012
Short-Term Borrowings/Subordinated Debentures [Abstract]  
SHORT-TERM BORROWINGS

NOTE 6 – SHORT-TERM BORROWINGS

Information regarding securities sold under agreements to repurchase at year-end is summarized below:

 

                 
    2012     2011  

Outstanding balance at year-end

   $ 64,765,000     $ 72,569,000  

Weighted average interest rate at year-end

     0.13 %      0.31 % 
     

Average daily balance during the year

   $ 61,930,000     $ 80,137,000  

Weighted average interest rate during the year

     0.25 %      0.51 % 
     

Maximum daily balance during the year

   $ 81,980,000     $ 116,397,000  

Securities sold under agreements to repurchase (“repurchase agreements”) generally have original maturities of less than one year. Repurchase agreements are treated as financings, and the obligations to repurchase securities sold are reflected as liabilities. Securities involved with the repurchase agreements are recorded as assets of our Bank and are held in safekeeping by a correspondent bank. Repurchase agreements are offered principally to certain large deposit customers. Repurchase agreements are secured by securities with an aggregate fair value equal to the aggregate outstanding balance.