Short-Term Borrowings

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Short-Term Borrowings

Short-Term Borrowings

(In Thousands)

Short-term borrowings as of December 31 are summarized as follows:

	2013		2012
Securities sold under agreements to repurchase	$	2,061	$	5,254
Fed Funds purchased	222		—
Total short-term borrowings	$	2,283	$	5,254

The average balances and cost of funds of short-term borrowings for the years ending December 31 are summarized as follows:

	Average Balances						Cost of Funds
	2013		2012		2011		2013		2012		2011
Federal funds purchased	$	8,072	$	4,346	$	30	0.17	%	0.15	%	1.73	%
Treasury, tax and loan notes	—		—		2,551		—		—		—
Securities sold under agreements to repurchase	5,107		8,031		11,835		0.17		0.18		0.25
Total short-term borrowings	$	13,179	$	12,377	$	14,416	0.17	%	0.17	%	0.21	%

The Company maintained a treasury, tax and loan notes account with the Federal Reserve with any balance collateralized by assets of Renasant Bank in 2010 and 2011. Effective January 2012, a portion of the Treasury Tax and Loan program was eliminated. As a result, all deposits held by the Company were withdrawn as of December 31, 2011. In addition, the Company maintains lines of credit with correspondent banks totaling $75,000 at December 31, 2013. Interest is charged at the market federal funds rate on all advances. There were no amounts outstanding under these lines of credit at December 31, 2013 or 2012.