Quarterly report pursuant to Section 13 or 15(d)

BORROWINGS (Tables)

v3.7.0.1
BORROWINGS (Tables)
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Short-Term Borrowings
Total short-term borrowings consist of the following as of March 31, 2017 and December 31, 2016 (dollars in thousands):

 
March 31,
2017
 
December 31,
2016
Securities sold under agreements to repurchase
$
44,587

 
$
59,281

Other short-term borrowings
522,500

 
517,500

Total short-term borrowings
$
567,087

 
$
576,781

 
 
 
 
Maximum month-end outstanding balance
$
634,750

 
$
678,262

Average outstanding balance during the period
573,116

 
590,074

Average interest rate (year-to-date)
0.67
%
 
0.49
%
Average interest rate at end of period
0.71
%
 
0.60
%
 
 
 
 
Other short-term borrowings:
 

 
 

FHLB
522,500

 
517,500

Other lines of credit

 

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.

 
Trust
Preferred
Capital
Securities(1)
 
Investment(1)
 
Spread to 
3-Month LIBOR
 
Rate
 
Maturity
Trust Preferred Capital Note - Statutory Trust I
$
22,500,000

 
$
696,000

 
2.75
%
 
3.90
%
 
6/17/2034
Trust Preferred Capital Note - Statutory Trust II
36,000,000

 
1,114,000

 
1.40
%
 
2.55
%
 
6/15/2036
VFG Limited Liability Trust I Indenture
20,000,000

 
619,000

 
2.73
%
 
3.88
%
 
3/18/2034
FNB Statutory Trust II Indenture
12,000,000

 
372,000

 
3.10
%
 
4.25
%
 
6/26/2033
Total
$
90,500,000

 
$
2,801,000

 
 

 
 

 
 
 
(1)The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Company's junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company's investment in the trusts is reported in "Other Assets" within the Consolidated Balance Sheets.
Advances from the FHLB
As of March 31, 2017, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands):
 
Long-term Type
 
Spread to
3-Month LIBOR
 
Interest Rate (1)
 
Maturity Date
 
Advance Amount
Adjustable Rate Credit
 
0.44
%
 
1.59
%
 
8/23/2022
 
$
55,000

Adjustable Rate Credit
 
0.45
%
 
1.60
%
 
11/23/2022
 
65,000

Adjustable Rate Credit
 
0.45
%
 
1.60
%
 
11/23/2022
 
10,000

Adjustable Rate Credit
 
0.45
%
 
1.60
%
 
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
 

 
0.99
%
 
10/19/2018
 
30,000

 
 
 

 
 

 
 
 
$
190,000

(1) Interest rates calculated using non-rounded numbers.
 
 
 
 
 
 
 
 
 
As of December 31, 2016, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands):
 
Long-term Type
 
Spread to
3-Month LIBOR
 
Interest Rate (1)
 
Maturity Date
 
Advance Amount
 
 
 
 
 
 
 
 
 
Adjustable Rate Credit
 
0.44
%
 
1.44
%
 
8/23/2022
 
$
55,000

Adjustable Rate Credit
 
0.45
%
 
1.45
%
 
11/23/2022
 
65,000

Adjustable Rate Credit
 
0.45
%
 
1.45
%
 
11/23/2022
 
10,000

Adjustable Rate Credit
 
0.45
%
 
1.45
%
 
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
 

 
0.99
%
 
10/19/2018
 
30,000

 
 
 

 
 

 
 
 
$
190,000

(1) Interest rates calculated using non-rounded numbers.
 
 
 
 
 
 
 
 
Contractual Maturities of Long-Term Debt
As of March 31, 2017, 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
For the remaining nine months of 2017
$

 
$

 
$
10,000

 
$
(28
)
 
$
(1,452
)
 
$
8,520

2018

 

 
40,000

 
(343
)
 
(1,970
)
 
37,687

2019

 

 

 
(486
)
 
(2,018
)
 
(2,504
)
2020

 

 

 
(501
)
 
(2,074
)
 
(2,575
)
2021

 

 

 
(516
)
 
(2,119
)
 
(2,635
)
Thereafter
93,301

 
150,000

 
140,000

 
(6,308
)
 
(1,707
)
 
375,286

Total Long-term borrowings
$
93,301

 
$
150,000

 
$
190,000

 
$
(8,182
)
 
$
(11,340
)
 
$
413,779