OTHER BORROWINGS

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

OTHER BORROWINGS

NOTE 14. OTHER BORROWINGS

Other borrowings consist of the following:

	December 31,
	2015		2014
	(Dollars in Thousands)
Daily Rate Credit from Federal Home Loan Bank with a fixed interest rate of 0.36%.	$	-	$	35,000
Advances under revolving credit agreement with a regional bank with interest at 90-day LIBOR plus 3.50% (3.92% at December 31, 2015 and 3.73% at December 31, 2014) due in August 2016, secured by subsidiary bank stock.		24,000		24,000
Advance from correspondent bank with a fixed interest rate of 4.50%, due November 27, 2017, secured by subsidiary bank loan receivable.		-		4,881
Subordinated debt issued by The Prosperity Banking Company due September 2016 with an interest rate of 90-day LIBOR plus 1.75% (2.28% at December 31, 2015 and 1.99% at December 31, 2014).		15,000		15,000
	$	39,000	$	78,881

The contractual balance of the subordinated debt issued by The Prosperity Banking Company is $15.0 million. The debt was recorded at a discount at acquisition, and that discount was fully accreted by December 31, 2014.

The advances from the FHLB are collateralized by a blanket lien on all eligible first mortgage loans and other specific loans in addition to FHLB stock. At December 31, 2015, $325.9 million was available for borrowing on lines with the FHLB.

 

At December 31, 2015, $16.0 million was available for borrowing under the revolving credit agreement with a regional bank, secured by subsidiary bank stock.

As of December 31, 2015, the Company maintained credit arrangements with various financial institutions to purchase federal funds up to $55 million.

The Company also participates in the Federal Reserve discount window borrowings. At December 31, 2015, the Company had $708.4 million of loans pledged at the Federal Reserve discount window and had $474.8 million available for borrowing.