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Borrowing Arrangements | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Borrowing Arrangements | Borrowing Arrangements Information related to borrowings is provided in the table below (dollars in thousands):
|  | September 30, 2024 |  | December 31, 2023
Other borrowings: |  |  |  |
Balance at end of period |  | $ | 105,810 |  |  | $ | 509,820 |
Average amount outstanding during the period (1) |  | 227,117 |  |  | 436,676 |
Maximum amount outstanding during the period (2) |  | 597,765 |  |  | 1,030,421 |
Weighted average interest rate during the period (3) |  | 5.8 | % |  | 4.9 | %
Interest rate at end of period (4) |  | 4.2 | % |  | 5.0 | %
FHLB borrowings: |  |  |  |
Balance at end of period |  | $ | 760,046 |  |  | $ | 212,648 |
Average amount outstanding during the period (1) |  | 610,893 |  |  | 276,584 |
Maximum amount outstanding during the period (2) |  | 760,046 |  |  | 533,242 |
Weighted average interest rate during the period (3) |  | 4.1 | % |  | 2.5 | %
Interest rate at end of period (5) |  | 4.2 | % |  | 1.2 | %
(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, 2024 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 |  | $ | 105,810 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 105,810 |
FHLB borrowings |  | 758,714 |  |  | 582 |  |  | 401 |  |  | 349 |  |  | — |  |  | — |  |  | 760,046 |
Total obligations |  | $ | 864,524 |  |  | $ | 582 |  |  | $ | 401 |  |  | $ | 349 |  |  | $ | — |  |  | $ | — |  |  | $ | 865,856 |
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, Amegy Bank and TIB – The Independent Bankers Bank for $40.0 million, $25.0 million and $15.0 million, respectively. There were no federal funds purchased at September 30, 2024 or December 31, 2023. 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, 2024, the amount of additional funding the Bank could obtain from the FRDW, collateralized by securities, was approximately $352.6 million. There were $25.0 million in borrowings from the FRDW at September 30, 2024, and $300.0 million at December 31, 2023. 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. On March 11, 2024, the Federal Reserve stopped extending new BTFP advances. There were no remaining borrowings from the BTFP at September 30, 2024 compared to $117.7 million at December 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 September 30, 2024, the line had one outstanding letter of credit for $155,000. Southside Bank currently has one outstanding letter of credit from FHLB held as collateral for a loan for $6.1 million. Southside Bank enters into sales of securities under repurchase agreements. These repurchase agreements totaled $80.8 million at September 30, 2024 and $92.1 million at December 31, 2023, and had maturities of less than 1.0 year. 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 0.28% to 6.65% and with remaining maturities of one day to 3.8 years at September 30, 2024. FHLB borrowings may be collateralized by FHLB stock, nonspecified loans and/or securities. At September 30, 2024, the amount of additional funding Southside Bank could obtain from FHLB, collateralized by securities, FHLB stock and nonspecified loans and securities, was approximately $1.80 billion, net of FHLB stock purchases required.

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