Other Borrowings and Notes Payable

12 Months Ended

Dec. 31, 2015

OTHER BORROWINGS AND NOTES PAYABLE

A summary of other borrowings is as follows:



	December 31,
(in thousands)	2015			2014
Securities sold under repurchase agreements	$	270,326		$	230,373
Secured borrowings	—			3,810
Total	$	270,326		$	234,183

Average balance during the year	$	195,328		$	184,964
Maximum balance outstanding at any month-end	270,326			234,183
Average interest rate during the year	0.22		%	0.32		%
Average interest rate at December 31	0.16		%	0.30		%

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, 2015, $815.6 million was available under this line. This line is secured by a pledge of certain eligible loans aggregating $1.1 billion. There were no amounts drawn on the Federal Reserve line of credit as of December 31, 2015.

Term Loan

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



	December 31,
(in thousands)	2015			2014
Term Loan	$	—		$	5,700

Average balance during the year	$	4,509		$	6,464
Maximum balance outstanding at any month-end	5,700			6,900
Weighted average interest rate during the year	3.01		%	2.99		%
Average interest rate at December 31	—		%	2.94		%