Other Borrowings and Notes Payable

12 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

Other Borrowings and Notes Payable

OTHER BORROWINGS AND NOTES PAYABLE

A summary of other borrowings is as follows:

	December 31,
(in thousands)	2012			2011
Securities sold under repurchase agreements	$	229,560		$	154,545
Secured borrowings	3,810			—
Total	233,370			154,545
Average balance during the year	$	134,093		$	103,392
Maximum balance outstanding at any month-end	233,370			154,545
Average interest rate during the year	0.42		%	0.42		%
Average interest rate at December 31	0.49		%	0.45		%

Federal Reserve line

The Bank also has a line with the Federal Reserve Bank of St. Louis for back-up liquidity purposes. As of December 31, 2012, approximately $646.8 million was available under this line. This line is secured by a pledge of certain eligible loans aggregating approximately $780.2 million.

Term Loan

On November 6, 2012, the Company entered into a $12.0 million unsecured term loan agreement ("Term Loan") due on November 6, 2015, with another bank with the proceeds being used to redeem the Company's preferred stock held by the U.S. Treasury. A summary of the Term Loan is as follows:

	December 31,
(in thousands)	2012			2011
Term Loan	$	11,700		$	—
Average balance during the year	$	1,835		$	—
Maximum balance outstanding at any month-end	12,000			—
Weighted average interest rate during the year	3.50		%	—		%
Average interest rate at December 31	3.50		%	—		%

The Term Loan is subject to ongoing compliance with a number of customary affirmative and negative covenants as well as specified financial covenants. The Company believes it was in compliance with all relevant covenants under the Term Loan at December 31, 2012.