XML 40 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2011
Debt Disclosure [Abstract]  
Short-term Debt [Text Block]

Note 10:     Short-Term Borrowings

 

    2011     2010  
             
Federal funds purchased   $ -     $ -  
Securities sold under repurchase agreements - retail     13,778,522       10,785,254  
Securities sold under repurchase agreements - broker     5,000,000       35,000,000  
                 
Total short-term borrowings   $ 18,778,522     $ 45,785,254  
 

At December 31, 2011, State Bank had $11.5 million in federal funds lines, of which $0 was drawn upon. At December 31, 2010, State Bank had $11.5 million in federal funds lines, of which $0 million was drawn upon.

 

State Bank has retail repurchase agreements to facilitate cash management transactions with commercial customers. These obligations are secured by agency and mortgage-backed securities and such collateral is held by Wilmington Trust Company. At December 31, 2011, retail repurchase agreements totaled $13,778,522. The maximum amount of outstanding agreements at any month-end during 2011 and 2010 totaled $15,239,000 and $18,336,000, respectively, and the monthly average of such agreements totaled $13,238,000 and $12,755,000, respectively. The agreements at December 31, 2011 and 2010 mature within one month.

 

State Bank also has a repurchase agreement with a brokerage firm who is in possession of the underlying securities. The securities are returned to State Bank on the repurchase date. The maximum amount of outstanding agreements at any month-end during 2011 and 2010 totaled $35,000,000 and $35,000,000, respectively, and the monthly average of such agreements totaled $18,068,000 and $35,000,000, respectively. This repurchase agreement matures in 2012 and at December 31, 2011, totaled $5,000,000 with an interest rate at year-end of 4.95%.