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Borrowings | 12 Months Ended
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Dec. 31, 2011
Borrowings [Abstract] |
Borrowings | NOTE 8. Borrowings The Company, through its subsidiary bank, borrows funds in the form of federal funds purchased, securities sold under agreements to repurchase and Federal Home Loan Bank advances. Federal fund lines of credit are extended to the Bank by nonaffiliated banks with which a correspondent banking relationship exists. The line of credit amount is determined by the creditworthiness of the Bank and, in particular, its regulatory capital ratios, which are discussed in Note 16. Federal funds purchased generally mature each business day. The following table summarizes information related to federal funds purchased for the years ended December 31, 2011 and 2010:
| December 31,
|  | 2011 |  |  | 2010 |
|  | (dollars in thousands) |
Balance at year-end | $ | - |  | $ | - |
Average balance during the year |  | 85 |  |  | 503 |
Average interest rate during the year |  | 0.54 | % |  | 0.70 | %
Maximum month-end balance during the year | $ | 1,945 |  | $ | 4,680 |
Gross lines of credit at year-end |  | 36,000 |  |  | 36,000 |
Unused lines of credit at year-end |  | 36,000 |  |  | 36,000 |
Securities sold under agreements to repurchase are borrowings in which the Bank obtains funds by selling securities and simultaneously agreeing to repurchase the securities for an agreed upon term at a given price which includes interest. The Company had $0 in funds from certain customers through retail repurchase agreements at December 31, 2011. Generally, the term for retail repurchase agreements is the next business day. The Company had $10,000,000 in funds from a larger financial institution through a wholesale repurchase agreement at December 31, 2011. The original term of this wholesale repurchase agreement, which was executed during 2008, was five years and the counterparty has the option to call the debt after three years. The amount of borrowings through securities sold under agreements to repurchase is restricted by the amount of securities which are designated for these transactions. The following table summarizes information related to securities sold under agreement to repurchase for the years ended December 31, 2011 and 2010:
| December 31,
|  | 2011 |  |  | 2010 |
|  | (dollars in thousands) |
Balance at year-end | $ | 10,000 |  | $ | 14,395 |
Average balance during the year |  | 12,416 |  |  | 14,971 |
Average interest rate during the year |  | 2.93 | % |  | 2.56 | %
Maximum month-end balance during the year | $ | 14,050 |  | $ | 15,552 |
Securities underlying the agreements at year-end: |  |  |  |  |  |
Carrying value |  | 12,150 |  |  | 19,198 |
Fair value |  | 12,918 |  |  | 19,667 |
The Bank had a $112,990,000 line of credit with the Federal Home Loan Bank of Atlanta which was secured by a blanket lien on the loan portfolio at December 31, 2011. The Company had $42,250,000 in advances outstanding at December 31, 2011 (see details below); therefore, the unused line of credit totaled $70,740,000. Advances bear interest at a fixed or floating rate depending on the terms and maturity of each advance and numerous renewal options are available to the Company. The Company had $20,000,000 in short-term borrowings with the FHLB at December 31, 2011. The weighted average interest rate on outstanding short-term advances at December 31, 2011 was 3.55%. The Company had $22,250,000 in long-term borrowings with the FHLB at December 31, 2011, which matures as follows: $2,250,000 in 2014 and $20,000,000 in 2015. The interest rates on the outstanding long-term advances at December 31, 2011 ranged from 3.02% to 4.07%. The weighted average interest rate on outstanding long-term advances at December 31, 2011 was 3.50%.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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