Quarterly report pursuant to Section 13 or 15(d)

BORROWINGS (Tables)

v3.3.0.814
BORROWINGS (Tables)
9 Months Ended
Sep. 30, 2015
BORROWINGS [Abstract]  
Short-Term Borrowings

Total short-term borrowings consist of the following as of September 30, 2015 and December 31, 2014  (dollars in thousands):

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

2015

 

2014

Securities sold under agreements to repurchase

$

99,417 

 

$

44,393 

Other short-term borrowings

 

332,000 

 

 

343,000 

Total short-term borrowings

$

431,417 

 

$

387,393 

 

 

 

 

 

 

Maximum month-end outstanding balance

$

445,761 

 

$

387,393 

Average outstanding balance during the period

 

383,554 

 

 

237,896 

Average interest rate during the period

 

0.26% 

 

 

0.24% 

Average interest rate at end of period

 

0.24% 

 

 

0.31% 

 

 

 

 

 

 

Other short-term borrowings:

 

 

 

 

 

Federal funds purchased

$

5,000 

 

$

 -

FHLB

$

325,000 

 

$

335,000 

Other lines of credit

 

2,000 

 

 

8,000 

 

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% 

 

3.08% 

 

6/17/2034

Trust Preferred Capital Note - Statutory Trust II

 

36,000,000 

 

 

1,114,000 

 

1.40% 

 

1.73% 

 

6/15/2036

VFG Limited Liability Trust I Indenture

 

20,000,000 

 

 

619,000 

 

2.73% 

 

3.06% 

 

3/18/2034

FNB Statutory Trust II Indenture

 

12,000,000 

 

 

372,000 

 

3.10% 

 

3.43% 

 

6/26/2033

Total

$

90,500,000 

 

$

2,801,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Advances from the FHLB

 

As of September 30, 2015, the Company had advances from the FHLB consisting of the following (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

Long-term Type

 

Spread to
3-Month LIBOR

 

Interest Rate

 

Maturity Date

 

Advance Amount

 

 

 

 

 

 

 

 

 

 

Adjustable Rate Credit

 

0.44%

 

0.77%

 

8/23/2022

 

$

55,000 

Adjustable Rate Credit

 

0.45%

 

0.78%

 

11/23/2022

 

 

65,000 

Adjustable Rate Credit

 

0.45%

 

0.78%

 

11/23/2022

 

 

10,000 

Adjustable Rate Credit

 

0.45%

 

0.78%

 

11/23/2022

 

 

10,000 

Fixed Rate

 

-

 

3.62%

 

11/28/2017

 

 

10,000 

Fixed Rate

 

-

 

3.75%

 

7/30/2018

 

 

5,000 

Fixed Rate

 

-

 

3.97%

 

7/30/2018

 

 

5,000 

Fixed Rate Hybrid

 

-

 

2.11%

 

10/5/2016

 

 

25,000 

Fixed Rate Hybrid

 

-

 

0.91%

 

7/25/2016

 

 

15,000 

 

 

 

 

 

 

 

 

$

200,000 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2014, the Company had advances from the FHLB consisting of the following (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

Long-term Type

 

Spread to
3-Month LIBOR

 

Interest Rate

 

Maturity Date

 

Advance Amount

 

 

 

 

 

 

 

 

 

 

Adjustable Rate Credit

 

0.44%

 

0.70%

 

8/23/2022

 

$

55,000 

Adjustable Rate Credit

 

0.45%

 

0.71%

 

11/23/2022

 

 

65,000 

Adjustable Rate Credit

 

0.45%

 

0.71%

 

11/23/2022

 

 

10,000 

Adjustable Rate Credit

 

0.45%

 

0.71%

 

11/23/2022

 

 

10,000 

Fixed Rate

 

-

 

3.62%

 

11/28/2017

 

 

10,000 

Fixed Rate

 

-

 

3.44%

 

7/28/2015

 

 

10,000 

Fixed Rate

 

-

 

3.75%

 

7/30/2018

 

 

5,000 

Fixed Rate

 

-

 

3.97%

 

7/30/2018

 

 

5,000 

Fixed Rate Hybrid

 

-

 

2.11%

 

10/5/2016

 

 

25,000 

Fixed Rate Hybrid

 

-

 

0.91%

 

7/25/2016

 

 

15,000 

 

 

 

 

 

 

 

 

$

210,000 

 

Contractual Maturities of Long-Term Debt

 

As of September 30, 2015, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust Preferred Capital Notes

 

Subordinated Debt

 

FHLB Advances

 

Fair Value
Premium (Discount)

 

Prepayment Penalty

 

Total Long-term Borrowings

Remaining three months in 2015

$

-

 

$

 -

 

$

 -

 

$

 -

 

$

(466)

 

$

(466)

2016

 

 -

 

 

17,500 

 

 

40,000 

 

 

271 

 

 

(1,882)

 

 

55,889 

2017

 

 -

 

 

 -

 

 

10,000 

 

 

170 

 

 

(1,922)

 

 

8,248 

2018

 

 -

 

 

 -

 

 

10,000 

 

 

(143)

 

 

(1,970)

 

 

7,887 

2019

 

 -

 

 

 -

 

 

 -

 

 

(286)

 

 

(2,018)

 

 

(2,304)

2020

 

 -

 

 

 -

 

 

 -

 

 

(301)

 

 

(2,074)

 

 

(2,375)

Thereafter

 

93,301 

 

 

 -

 

 

140,000 

 

 

(5,622)

 

 

(3,826)

 

 

223,853 

Total Long-term borrowings

$

93,301 

 

$

17,500 

 

$

200,000 

 

$

(5,911)

 

$

(14,158)

 

$

290,732