BORROWINGS (Tables)
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6 Months Ended |
Jun. 30, 2015 |
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| BORROWINGS [Abstract] |
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| Short-Term Borrowings |
Total short-term borrowings consist of the following as of June 30, 2015 and December 31, 2014 (dollars in thousands):
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June 30,
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December 31,
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2015
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2014
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Securities sold under agreements to repurchase
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$
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119,680
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$
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44,393
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Other short-term borrowings
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261,000
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343,000
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Total short-term borrowings
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$
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380,680
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$
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387,393
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Maximum month-end outstanding balance
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$
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445,761
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$
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387,393
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Average outstanding balance during the period
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391,424
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237,896
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Average interest rate during the period
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0.26%
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0.24%
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Average interest rate at end of period
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0.25%
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0.31%
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Other short-term borrowings:
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FHLB
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$
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255,000
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$
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335,000
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Other lines of credit
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6,000
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8,000
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| 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.
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Principal
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Investment(1)
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Spread to
3-Month LIBOR
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Rate
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Maturity
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Trust Preferred Capital Note - Statutory Trust I
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$
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22,500,000
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$
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696,000
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2.75%
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3.03%
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6/17/2034
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Trust Preferred Capital Note - Statutory Trust II
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36,000,000
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1,114,000
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1.40%
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1.68%
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6/15/2036
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VFG Limited Liability Trust I Indenture
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20,000,000
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619,000
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2.73%
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3.01%
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3/18/2034
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FNB Statutory Trust II Indenture
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12,000,000
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372,000
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3.10%
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3.38%
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6/26/2033
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Total
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$
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90,500,000
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$
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2,801,000
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(1) reported as “Other Assets” within the Consolidated Balance Sheets.
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| Advances from the FHLB |
As of June 30, 2015, the Company had advances from the FHLB consisting of the following (dollars in thousands):
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Long-term Type
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Spread to
3-Month LIBOR
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Interest Rate
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Maturity Date
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Advance Amount
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Adjustable Rate Credit
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0.44%
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0.72%
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8/23/2022
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$
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55,000
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Adjustable Rate Credit
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0.45%
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0.74%
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11/23/2022
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65,000
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Adjustable Rate Credit
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0.45%
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0.74%
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11/23/2022
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10,000
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Adjustable Rate Credit
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0.45%
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0.74%
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11/23/2022
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10,000
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Fixed Rate
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-
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3.62%
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11/28/2017
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10,000
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Fixed Rate
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-
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3.44%
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7/28/2015
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10,000
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Fixed Rate
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-
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3.75%
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7/30/2018
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5,000
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Fixed Rate
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-
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3.97%
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7/30/2018
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5,000
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Fixed Rate Hybrid
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-
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2.11%
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10/5/2016
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25,000
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Fixed Rate Hybrid
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-
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0.91%
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7/25/2016
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15,000
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$
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210,000
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As of December 31, 2014, the Company had advances from the FHLB consisting of the following (dollars in thousands):
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Long-term Type
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Spread to
3-Month LIBOR
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Interest Rate
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Maturity Date
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Advance Amount
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Adjustable Rate Credit
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0.44%
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0.70%
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8/23/2022
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$
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55,000
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Adjustable Rate Credit
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0.45%
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0.71%
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11/23/2022
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65,000
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Adjustable Rate Credit
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0.45%
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0.71%
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11/23/2022
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10,000
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Adjustable Rate Credit
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0.45%
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0.71%
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11/23/2022
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10,000
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Fixed Rate
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-
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3.62%
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11/28/2017
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10,000
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Fixed Rate
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-
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3.44%
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7/28/2015
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10,000
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Fixed Rate
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-
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3.75%
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7/30/2018
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5,000
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Fixed Rate
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-
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3.97%
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7/30/2018
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5,000
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Fixed Rate Hybrid
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-
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2.11%
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10/5/2016
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25,000
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Fixed Rate Hybrid
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-
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0.91%
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7/25/2016
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15,000
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$
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210,000
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| Contractual Maturities of Long-Term Debt |
As of June 30, 2015, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
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Trust Preferred Capital Notes
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Subordinated Debt
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FHLB Advances
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Fair Value
Premium (Discount)
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Prepayment Penalty
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Total Long-term Borrowings
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Remaining six months in 2015
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$
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-
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$
|
-
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$
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10,000
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$
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25
|
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$
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(929)
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$
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9,096
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2016
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-
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17,500
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40,000
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271
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(1,882)
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55,889
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2017
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-
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-
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10,000
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170
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(1,922)
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8,248
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2018
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-
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-
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10,000
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(143)
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(1,970)
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7,887
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2019
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-
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-
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-
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(286)
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(2,018)
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(2,304)
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2020
|
|
-
|
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-
|
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-
|
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(301)
|
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(2,074)
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(2,375)
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Thereafter
|
|
93,301
|
|
|
-
|
|
|
140,000
|
|
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(5,622)
|
|
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(3,826)
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223,853
|
|
Total Long-term borrowings
|
$
|
93,301
|
|
$
|
17,500
|
|
$
|
210,000
|
|
$
|
(5,886)
|
|
$
|
(14,621)
|
|
$
|
300,294
|
|