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Other Borrowings
 12 Months Ended
Dec. 31, 2011
Other Borrowings [Abstract]  
Other Borrowings

Note 10 – Other borrowings

Short-term borrowings consist of the following at December 31, 2011 and 2010:

(dollars in thousands)   As of December 31,  
Short Term:   2011     2010  
Securities sold under agreements to repurchase            
Maximum month-end outstanding balance $ 9,204   $ 9,590  
Average outstanding balance during the year   8,383     8,756  
Average interest rate during the year   0.89 %   1.32 %
Average interest rate at end of year   0.91 %   1.03 %

 

Short-term borrowings consist of securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold. Short-term borrowings may also include Federal funds purchased, which are unsecured overnight borrowings from other financial institutions.

Unsecured federal fund lines and their respective limits are maintained with the following institutions: Community Bankers' Bank, $11,000, Zions Bank, $4,000, and Suntrust Bank, $3,000. In addition, the Bank maintains a $3,000 reverse repurchase agreement with Suntrust whereby securities may be pledged as collateral in exchange for funds for a minimum of 30 days with a maximum of 90 days. The Bank also maintains a secured federal funds line with Community Bankers' Bank whereby it may pledge securities as collateral with no specified minimum or maximum amount or term.

The Bank is also a member of the Federal Home Loan Bank of Atlanta ("FHLBA"). The Bank's available credit through the FHLBA is $85,400 as of September 30, 2011, the most recent calculation. Of this amount the Bank has borrowed $10,000 under the following terms:

            Ultimate Maturity
    Amount Type Rate   Date
 
  $ 3,000 Fixed rate credit 3.410 % 4/15/2013
    5,000 Fixed rate credit 2.360 % 4/15/2013
    2,000 Fixed rate credit 3.785 % 4/15/2015
 
Total $ 10,000 Weighted average rate 2.960 %