Other Borrowings

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Other Borrowings

NOTE 8 – OTHER BORROWINGS

The Company has, from time to time, utilized certain borrowing arrangements with various financial institutions to fund growth in earning assets or provide additional liquidity when appropriate spreads can be realized. At March 31, 2014 and December 31, 2013, there were $59.7 million and $194.6 million, respectively, outstanding borrowings with the Company’s correspondent banks. At March 31, 2013, there were no outstanding borrowings with the Company’s correspondent banks.

Other borrowings consist of the following:

(Dollars in Thousands)	March 31, 2014		December 31, 2013		March 31, 2013
Daily Rate Credit from Federal Home Loan Bank with a fixed interest rate of 0.36%	$	25,000	$	—	$	—
Advance from Federal Home Loan Bank with a fixed interest rate of 0.17%, due January 24, 2014		—		165,000		—
Advances under revolving credit agreement with a regional bank with interest at 90-day LIBOR plus 4.00% (4.24% at March 31, 2014) due in August 2016, secured by subsidiary bank stock		10,000		10,000		—
Advance from correspondent bank with a fixed interest rate of 4.50%, due November 27, 2017, secured by subsidiary bank loan receivable				—		—
Subordinated debt issued by Prosperity Bank due June 2016 with an interest rate of 90-day LIBOR plus 1.60% (1.84% at March 31, 2014)		5,000		5,000		—
Subordinated debt issued by The Prosperity Banking Company due September 2016 with an interest rate of 90-day LIBOR plus 1.75% (1.98% at March 31, 2014)		14,714		14,572		—
Total	$	59,677	$	194,572	$	—