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SHORT-TERM BORROWINGS
12 Months Ended
Dec. 31, 2012
Short-term Debt [Abstract]  
SHORT-TERM BORROWINGS
SHORT-TERM BORROWINGS

Information related to short-term borrowings is provided in the table below:

 
 
Years Ended December 31,
 
 
2012
 
2011
 
 
(dollars in thousands)
Federal funds purchased and repurchase agreements

 

 
Balance at end of period

$
984


$
2,945

Average amount outstanding during the period (1)

1,770


3,137

Maximum amount outstanding during the period (2)

2,704


3,291

Weighted average interest rate during the period (3)

1.4
%

2.7
%
Interest rate at end of period

0.4
%

2.6
%
 
 
 
 
 
FHLB advances

 


 

Balance at end of period

$
150,985


$
361,811

Average amount outstanding during the period (1)

282,741


292,242

Maximum amount outstanding during the period (2)

440,246


466,316

Weighted average interest rate during the period (3)

2.2
%

2.2
%
Interest rate at end of period

3.7
%

1.6
%
 
 
 
 
 
Other obligations




 

Balance at end of period

$
219


$
219

Average amount outstanding during the period (1)

219


2,581

Maximum amount outstanding during the period (2)

219


2,963

Weighted average interest rate during the period (3)

8.0
%

0.7
%
Interest rate at end of period

8.0
%

8.0
%

(1)
The average amount outstanding during the period was computed by dividing the total daily outstanding principal balances by the number of days in the period.
(2)
The maximum amount outstanding at any month-end during the period.
(3)
The weighted average interest rate during the period was computed by dividing the actual interest expense by the average balance outstanding during the period.

Southside Bank has three lines of credit for the purchase of overnight federal funds at prevailing rates.  One $25.0 million and two $15.0 million unsecured lines of credit have been established with Frost Bank, Comerica Bank and TIB – The Independent Bankers Bank, respectively.  Southside Bank has a $5.0 million line of credit with Frost Bank to be used to issue letters of credit. At December 31, 2012, the amount of additional funding Southside Bank could obtain from FHLB using unpledged securities at FHLB was approximately $221.6 million, net of FHLB stock purchases required.  There were no federal funds purchased at December 31, 2012 or 2011.  Southside Bank obtained no letters of credit from FHLB as collateral for a portion of its public fund deposits.

Securities sold under agreements to repurchase are secured by borrowings and are stated at the amount of cash received in connection with the transaction.  Securities sold under agreements to repurchase totaled $984,000 in demand deposits at December 31, 2012.  These agreements have maturities of less than one year.  There were $1.7 million in demand deposits and $1.2 million in CDs sold under agreements to repurchase at December 31, 2011.