Other Borrowings and Notes Payable

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Other Borrowings and Notes Payable

OTHER BORROWINGS AND NOTES PAYABLE

A summary of other borrowings is as follows:

	December 31,
(in thousands)	2013			2012
Securities sold under repurchase agreements	$	200,021		$	229,560
Secured borrowings	3,810			3,810
Total	203,831			233,370
Average balance during the year	$	197,556		$	134,093
Maximum balance outstanding at any month-end	214,439			233,370
Average interest rate during the year	0.32		%	0.42		%
Average interest rate at December 31	0.31		%	0.49		%

Federal Reserve line

The Bank also has a line with the Federal Reserve Bank of St. Louis which provides additional liquidity to the Company. As of December 31, 2013, $607.0 million was available under this line. This line is secured by a pledge of certain eligible loans aggregating $714.1 million. There were no amounts withdrawn under the Federal Reserve line of credit as of December 31, 2013.

Term Loan

On November 6, 2012, the Company entered into a $12.0 million unsecured term loan agreement ("Term Loan") due on November 6, 2015, with another bank with the proceeds being used to redeem the Company's preferred stock held by the U.S. Treasury. A summary of the Term Loan is as follows:

	December 31,
(in thousands)	2013			2012
Term Loan	$	10,500		$	11,700
Average balance during the year	$	11,241		$	1,835
Maximum balance outstanding at any month-end	11,700			12,000
Weighted average interest rate during the year	3.52		%	3.50		%
Average interest rate at December 31	3.44		%	3.50		%

The Term Loan is subject to ongoing compliance with a number of customary affirmative and negative covenants as well as specified financial covenants. The Company believes it was in compliance with all relevant covenants under the Term Loan at December 31, 2013.