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Short-Term Borrowings
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12 Months Ended |
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Dec. 31, 2011
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| Short-Term Borrowings [Abstract] | |
| Short-Term Borrowings | 10. SHORT-TERM BORROWINGS Short-term borrowings consist of federal funds purchased and securities sold under repurchase agreements. Federal funds purchased generally mature within one to four days. There were no amounts outstanding as of December 31, 2011 and 2010. Treasury tax and loan deposits are withdrawal on demand. There was no balance outstanding at December 31, 2011, and as of December 31, 2010, $778,294 was outstanding.
Securities sold under repurchase agreements, which are secured borrowings, generally are reflected at the amount of cash received in connection with the transaction. The Company may be required to provide additional collateral based on the fair value of the underlying securities. The Company monitors the fair value of the underlying securities on a daily basis. Securities sold under repurchase agreements at December 31, 2011 and 2010 were $355,787 and $192,139, respectively. At December 31, 2011, the Bank had $7.8 million in available federal fund lines from correspondent banks. |