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Borrowing Arrangements | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Borrowing Arrangements | Borrowing Arrangements Information related to borrowings is provided in the table below (dollars in thousands):
|  | September 30, 2023 |  | December 31, 2022
Other borrowings: |  |  |  |
Balance at end of period |  | $ | 395,209 |  |  | $ | 221,153 |
Average amount outstanding during the period (1) |  | 451,966 |  |  | 77,845 |
Maximum amount outstanding during the period (2) |  | 1,030,421 |  |  | 316,563 |
Weighted average interest rate during the period (3) |  | 4.8 | % |  | 2.4 | %
Interest rate at end of period (4) |  | 4.4 | % |  | 4.1 | %
FHLB borrowings: |  |  |  |
Balance at end of period |  | $ | 212,829 |  |  | $ | 153,358 |
Average amount outstanding during the period (1) |  | 281,260 |  |  | 135,926 |
Maximum amount outstanding during the period (2) |  | 533,242 |  |  | 423,645 |
Weighted average interest rate during the period (3) |  | 2.5 | % |  | 2.4 | %
Interest rate at end of period (5) |  | 1.4 | % |  | 0.7 | %
(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 September 30, 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 |  | $ | 388,888 |  |  | $ | 6,321 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 395,209 |
FHLB borrowings |  | 210,733 |  |  | 764 |  |  | 582 |  |  | 401 |  |  | 349 |  |  | — |  |  | 212,829 |
Total obligations |  | $ | 599,621 |  |  | $ | 7,085 |  |  | $ | 582 |  |  | $ | 401 |  |  | $ | 349 |  |  | $ | — |  |  | $ | 608,038 |
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 September 30, 2023 or December 31, 2022. To provide more liquidity in response to economic conditions in recent years, the Federal Reserve has encouraged broader use of the discount window. At September 30, 2023, the amount of additional funding the Bank could obtain from the FRDW, collateralized by securities, was approximately $636.9 million. There were no borrowings from the FRDW at September 30, 2023, and $188.0 million at December 31, 2022. To provide more stability and to assure banks have the ability to meet the needs of all of their depositors, the Federal Reserve created the BTFP in the first quarter of 2023. At September 30, 2023, the amount of additional funding the Bank could obtain from the BTFP, collateralized by securities, was approximately $6,000. There were $291.3 million in borrowings from the BTFP at September 30, 2023. Southside Bank has a $5.0 million line of credit with Frost Bank to be used to issue letters of credit, and at September 30, 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 $103.9 million at September 30, 2023 and $33.2 million at December 31, 2022, and had maturities of less than 2.0 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 0.74% to 4.80% and with remaining maturities of 20 days to 4.8 years at September 30, 2023. FHLB borrowings may be collateralized by FHLB stock, nonspecified loans and/or securities. At September 30, 2023, the amount of additional funding Southside Bank could obtain from FHLB, collateralized by securities, FHLB stock and nonspecified loans and securities, was approximately $1.71 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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