Quarterly report pursuant to Section 13 or 15(d)

BORROWINGS (Tables)

v2.4.0.8
BORROWINGS (Tables)
9 Months Ended
Sep. 30, 2013
BORROWINGS [Abstract]  
Short-Term Borrowings

Total short-term borrowings consist of the following as of September 30, 2013 and December 31, 2012 (dollars in thousands):

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

2013

 

2012

Securities sold under agreements to repurchase

$

79,202 

 

$

54,270 

Other short-term borrowings

 

72,000 

 

 

78,000 

Total short-term borrowings

$

151,202 

 

$

132,270 

 

 

 

 

 

 

Maximum month-end outstanding balance

$

151,202 

 

$

154,116 

Average outstanding balance during the period

 

104,364 

 

 

91,993 

Average interest rate during the period

 

0.30% 

 

 

0.31% 

Average interest rate at end of period

 

0.28% 

 

 

0.28% 

 

 

 

 

 

 

Other short-term borrowings:

 

 

 

 

 

Federal Funds purchased

$

37,000 

 

$

38,000 

FHLB

$

35,000 

 

$

40,000 

 

 

 

 

 

 

 

Trust Preferred Capital Notes Qualify for Tier 1 Capital

The trust preferred capital notes currently qualify for Tier 1 capital of the Company for regulatory purposes. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

Investment(1)

 

Spread to
3-Month LIBOR

 

Rate

 

Maturity

Trust Preferred Capital Note - Statutory Trust I

$

22,500,000 

 

$

696,000 

 

2.75% 

 

3.00% 

 

6/17/2034

Trust Preferred Capital Note - Statutory Trust II

 

36,000,000 

 

 

1,114,000 

 

1.40% 

 

1.65% 

 

6/15/2036

Total

$

58,500,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) reported as 'Other Assets' within the Consolidated Balance Sheets

 

Advances from the FHLB

As of September 30, 2013, the advances from the FHLB consist of the following (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Term Type

 

Spread to
3-Month LIBOR

 

Interest Rate

 

Maturity Date

 

Conversion Date

 

Option Frequency

 

Advance Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustable Rate Credit

 

0.44%

 

0.69%

 

8/23/2022

 

n/a

 

n/a

 

$

55,000 

Adjustable Rate Credit

 

0.45%

 

0.70%

 

11/23/2022

 

n/a

 

n/a

 

 

65,000 

Adjustable Rate Credit

 

0.45%

 

0.70%

 

11/23/2022

 

n/a

 

n/a

 

 

10,000 

Adjustable Rate Credit

 

0.45%

 

0.70%

 

11/23/2022

 

n/a

 

n/a

 

 

10,000 

 

 

 

 

 

 

 

 

 

 

 

 

$

140,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2012, the advances from the FHLB consisted of the following (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long Term Type

 

Spread to
3-Month LIBOR

 

Interest Rate

 

Maturity Date

 

Conversion Date

 

Option Frequency

 

Advance Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustable Rate Credit

 

0.44%

 

0.75%

 

8/23/2022

 

n/a

 

n/a

 

$

55,000 

Adjustable Rate Credit

 

0.45%

 

0.76%

 

11/23/2022

 

n/a

 

n/a

 

 

65,000 

Adjustable Rate Credit

 

0.45%

 

0.76%

 

11/23/2022

 

n/a

 

n/a

 

 

10,000 

Adjustable Rate Credit

 

0.45%

 

0.76%

 

11/23/2022

 

n/a

 

n/a

 

 

10,000 

 

 

 

 

 

 

 

 

 

 

 

 

$

140,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contractual Maturities of Long-Term Debt

 

 

As of September 30, 2013, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Debt

 

FHLB Advances

 

Prepayment Penalty

 

Total Long-term Borrowings

Remaining three months in 2013

$

 -

 

$

 -

 

$

(444)

 

$

(444)

2014

 

 -

 

 

 -

 

 

(1,787)

 

 

(1,787)

2015

 

 -

 

 

 -

 

 

(1,831)

 

 

(1,831)

2016

 

16,237 

 

 

 -

 

 

(1,882)

 

 

14,355 

2017

 

 -

 

 

 -

 

 

(1,923)

 

 

(1,923)

2018

 

 -

 

 

 -

 

 

(1,969)

 

 

(1,969)

Thereafter

 

 -

 

 

140,000 

 

 

(7,918)

 

 

132,082 

Total long-term borrowings

$

16,237 

 

$

140,000 

 

$

(17,754)

 

$

138,483