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Securities Sold Under Agreements To Repurchase
 6 Months Ended
Jun. 30, 2013
Securities Sold Under Agreements To Repurchase [Abstract]  
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
6. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

Securities sold under agreements to repurchase (“repurchase agreements”) are offered principally to certain large deposit customers. Information relating to our repurchase agreements follows:

 

                 
    Six Months Ended     Twelve Months Ended  
    June 30, 2013     December 31, 2012  
     

Outstanding balance at end of period

   $ 57,328,000     $ 64,765,000  

Average interest rate at end of period

     0.12 %      0.13 % 
     

Average daily balance during the period

   $ 65,632,000     $ 61,930,000  

Average interest rate during the period

     0.12 %      0.25 % 
     

Maximum daily balance during the period

   $ 76,979,000     $ 81,980,000  

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 agreements are recorded as assets of our bank and are held in safekeeping by a correspondent bank. Repurchase agreements are secured by securities with an aggregate market value equal to the aggregate outstanding balance.