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Borrowing Arrangements | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Borrowing Arrangements | Borrowing Arrangements Information related to borrowings is provided in the table below (dollars in thousands):
|  | March 31, 2023 |  | December 31, 2022
Other borrowings: |  |  |  |
Balance at end of period |  | $ | 625,627 |  |  | $ | 221,153 |
Average amount outstanding during the period (1) |  | 202,135 |  |  | 77,845 |
Maximum amount outstanding during the period (2) |  | 625,627 |  |  | 316,563 |
Weighted average interest rate during the period (3) |  | 4.9 | % |  | 2.4 | %
Interest rate at end of period (4) |  | 4.6 | % |  | 4.1 | %
FHLB borrowings: |  |  |  |
Balance at end of period |  | $ | 333,183 |  |  | $ | 153,358 |
Average amount outstanding during the period (1) |  | 404,199 |  |  | 135,926 |
Maximum amount outstanding during the period (2) |  | 533,242 |  |  | 423,645 |
Weighted average interest rate during the period (3) |  | 3.2 | % |  | 2.4 | %
Interest rate at end of period (5) |  | 5.2 | % |  | 4.7 | %
(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 (annualized for interim periods) by the average amount outstanding during the period. The weighted average interest rate on other borrowings and FHLB borrowings includes the effect of interest rate swaps. (4)Stated rate. (5)The interest rate on FHLB borrowings includes the effect of interest rate swaps. Maturities of the obligations associated with our borrowing arrangements based on scheduled repayments at March 31, 2023 are as follows (in thousands):
|  | Payments Due by Period
|  | Less than 1 Year |  | 1-2 Years |  | 2-3 Years |  | 3-4 Years |  | 4-5 Years |  | Thereafter |  | Total
Other borrowings |  | $ | 621,527 |  |  | $ | 2,750 |  |  | $ | 1,350 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 625,627 |
FHLB borrowings |  | 330,717 |  |  | 748 |  |  | 775 |  |  | 391 |  |  | 411 |  |  | 141 |  |  | 333,183 |
Total obligations |  | $ | 952,244 |  |  | $ | 3,498 |  |  | $ | 2,125 |  |  | $ | 391 |  |  | $ | 411 |  |  | $ | 141 |  |  | $ | 958,810 |
Other borrowings may include federal funds purchased, repurchase agreements and borrowings from the Federal Reserve through the FRDW and BTFP. Southside Bank has three unsecured lines of credit for the purchase of overnight federal funds at prevailing rates with Frost Bank, TIB – The Independent Bankers Bank and Comerica Bank for $40.0 million, $15.0 million and $7.5 million, respectively. There were no federal funds purchased at March 31, 2023 or December 31, 2022. To provide more liquidity in response to the economic impact of the COVID-19 pandemic, the Federal Reserve took steps to encourage broader use of the discount window. At March 31, 2023, the amount of additional funding the Bank could obtain from the FRDW, collateralized by securities, was approximately $282.8 million. There were $350.0 million and $188.0 million in borrowings from the FRDW at March 31, 2023 and December 31, 2022, respectively. To provide more stability and to assure banks have the ability to meet the needs of all their depositors, the Federal Reserve created the BTFP in the first quarter of 2023. At March 31, 2023, the amount of additional funding the Bank could obtain from the BTFP, collateralized by securities, was approximately $3.1 million. There were $198.4 million in borrowings from the BTFP at March 31, 2023. Southside Bank has a $5.0 million line of credit with Frost Bank to be used to issue letters of credit, and at March 31, 2023, the line had one outstanding letter of credit for $155,000. Southside Bank currently has no outstanding letters of credit from FHLB held as collateral for its public fund deposits. Southside Bank enters into sales of securities under repurchase agreements. These repurchase agreements totaled $77.2 million at March 31, 2023 and $33.2 million at December 31, 2022, and had maturities of less than 3.0 years. Repurchase agreements are secured by investment and MBS securities and are stated at the amount of cash received in connection with the transaction.FHLB borrowings represent borrowings with fixed interest rates ranging from 3.73% to 5.33% and with remaining maturities of 13 days to 5.3 years at March 31, 2023. FHLB borrowings may be collateralized by FHLB stock, nonspecified loans and/or securities. At March 31, 2023, the amount of additional funding Southside Bank could obtain from FHLB, collateralized by securities, FHLB stock and nonspecified loans and securities, was approximately $1.53 billion, net of FHLB stock purchases required.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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