SHORT-TERM BORROWINGS
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Dec. 31, 2012
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Short-term Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHORT-TERM BORROWINGS | SHORT-TERM BORROWINGS Information related to short-term borrowings is provided in the table below:
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. |