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SHORT-TERM BORROWINGS:
 12 Months Ended
Dec. 31, 2012
Short Term Borrowings Disclosure [Abstract]  
SHORT-TERM BORROWINGS
11.SHORT-TERM BORROWINGS:

 

A summary of the carrying value of the Corporation's short-term borrowings at December 31, 2012 and 2011 is presented below:

 

(Dollar amounts in thousands) 2012  2011 
Federal funds purchased $2,750  $43,167 
Repurchase-agreements  37,801   56,855 
         
  $40,551  $100,022 

 

(Dollar amounts in thousands) 2012  2011 
Average amount outstanding $50,499  $43,015 
Maximum amount outstanding at a month end  64,969   100,022 
Average interest rate during year  0.28%  0.44%
Interest rate at year-end  0.21%  0.10%

 

Federal funds purchased are generally due in one day and bear interest at market rates. Substantially all repurchase agreement liabilities represent amounts advanced by various customers. Securities are pledged to cover these liabilities, which are not covered by federal deposit insurance. The Corporation maintains possession of and control over these securities.