| Short-Term Borrowings |
Total short-term borrowings consist of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2021 |
|
2020 |
|
Securities sold under agreements to repurchase |
|
$ |
105,522 |
|
$ |
100,888 |
|
Federal Funds Purchased |
|
|
168,000 |
|
|
150,000 |
|
FHLB Advances |
|
|
— |
|
|
100,000 |
|
Total short-term borrowings |
|
$ |
273,522 |
|
$ |
350,888 |
|
|
|
|
|
|
|
|
|
Average outstanding balance during the period |
|
$ |
149,761 |
|
$ |
213,932 |
|
Average interest rate (during the period) |
|
|
0.13 |
% |
|
0.79 |
% |
Average interest rate at end of period |
|
|
0.08 |
% |
|
0.13 |
% |
|
| Long-Term Borrowings |
Total long-term borrowings consist of the following as of March 31, 2021 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spread to |
|
|
|
|
|
|
|
|
|
Principal |
|
3-Month LIBOR |
|
Rate (1) |
|
Maturity |
|
Investment (2) |
Trust Preferred Capital Securities |
|
|
|
|
|
|
|
|
|
|
|
|
Trust Preferred Capital Note - Statutory Trust I |
|
$ |
22,500 |
|
2.75 |
% |
2.94 |
% |
6/17/2034 |
|
$ |
696 |
Trust Preferred Capital Note - Statutory Trust II |
|
|
36,000 |
|
1.40 |
% |
1.59 |
% |
6/15/2036 |
|
|
1,114 |
VFG Limited Liability Trust I Indenture |
|
|
20,000 |
|
2.73 |
% |
2.92 |
% |
3/18/2034 |
|
|
619 |
FNB Statutory Trust II Indenture |
|
|
12,000 |
|
3.10 |
% |
3.29 |
% |
6/26/2033 |
|
|
372 |
Gateway Capital Statutory Trust I |
|
|
8,000 |
|
3.10 |
% |
3.29 |
% |
9/17/2033 |
|
|
248 |
Gateway Capital Statutory Trust II |
|
|
7,000 |
|
2.65 |
% |
2.84 |
% |
6/17/2034 |
|
|
217 |
Gateway Capital Statutory Trust III |
|
|
15,000 |
|
1.50 |
% |
1.69 |
% |
5/30/2036 |
|
|
464 |
Gateway Capital Statutory Trust IV |
|
|
25,000 |
|
1.55 |
% |
1.74 |
% |
7/30/2037 |
|
|
774 |
MFC Capital Trust II |
|
|
5,000 |
|
2.85 |
% |
3.04 |
% |
1/23/2034 |
|
|
155 |
Total Trust Preferred Capital Securities |
|
$ |
150,500 |
|
|
|
|
|
|
|
$ |
4,659 |
Subordinated Debt(3)(4) |
|
|
|
|
|
|
|
|
|
|
|
|
2026 Subordinated Debt(5) |
|
|
150,000 |
|
- |
% |
5.00 |
% |
12/15/2026 |
|
|
|
Total Subordinated Debt |
|
$ |
150,000 |
|
|
|
|
|
|
|
|
|
Fair Value Premium (Discount)(6) |
|
|
(15,081) |
|
|
|
|
|
|
|
|
|
Investment in Trust Preferred Capital Securities |
|
|
4,659 |
|
|
|
|
|
|
|
|
|
Total Long-term Borrowings |
|
$ |
290,078 |
|
|
|
|
|
|
|
|
|
| (1) |
Rate as of March 31, 2021. Calculated using non-rounded numbers. |
| (2) |
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" on the Company’s Consolidated Balance Sheets. |
| (3) |
The remaining issuance discount as of March 31, 2021 is $1.1 million.
|
| (4) |
Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. |
| (5) |
Fixed-to-floating rate notes. On December 15, 2021, the interest rate will change to a floating rate of LIBOR plus 3.175% through its maturity date.
|
| (6) |
Includes discount on issued subordinated notes. |
Total long-term borrowings consist of the following as of December 31, 2020 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spread to |
|
|
|
|
|
|
|
|
|
Principal |
|
3-Month LIBOR |
|
Rate (1) |
|
Maturity |
|
Investment (2) |
Trust Preferred Capital Securities |
|
|
|
|
|
|
|
|
|
|
|
|
Trust Preferred Capital Note - Statutory Trust I |
|
$ |
22,500 |
|
2.75 |
% |
2.99 |
% |
6/17/2034 |
|
$ |
696 |
Trust Preferred Capital Note - Statutory Trust II |
|
|
36,000 |
|
1.40 |
% |
1.64 |
% |
6/15/2036 |
|
|
1,114 |
VFG Limited Liability Trust I Indenture |
|
|
20,000 |
|
2.73 |
% |
2.97 |
% |
3/18/2034 |
|
|
619 |
FNB Statutory Trust II Indenture |
|
|
12,000 |
|
3.10 |
% |
3.34 |
% |
6/26/2033 |
|
|
372 |
Gateway Capital Statutory Trust I |
|
|
8,000 |
|
3.10 |
% |
3.34 |
% |
9/17/2033 |
|
|
248 |
Gateway Capital Statutory Trust II |
|
|
7,000 |
|
2.65 |
% |
2.89 |
% |
6/17/2034 |
|
|
217 |
Gateway Capital Statutory Trust III |
|
|
15,000 |
|
1.50 |
% |
1.74 |
% |
5/30/2036 |
|
|
464 |
Gateway Capital Statutory Trust IV |
|
|
25,000 |
|
1.55 |
% |
1.79 |
% |
7/30/2037 |
|
|
774 |
MFC Capital Trust II |
|
|
5,000 |
|
2.85 |
% |
3.09 |
% |
1/23/2034 |
|
|
155 |
Total Trust Preferred Capital Securities |
|
$ |
150,500 |
|
|
|
|
|
|
|
$ |
4,659 |
FHLB Advances |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate Convertible |
|
|
200,000 |
|
- |
% |
1.78 |
% |
10/26/2028 |
|
|
|
Total FHLB Advances |
|
$ |
200,000 |
|
|
|
|
|
|
|
|
|
Subordinated Debt(3)(4) |
|
|
|
|
|
|
|
|
|
|
|
|
2026 Subordinated Debt(5) |
|
|
150,000 |
|
- |
% |
5.00 |
% |
12/15/2026 |
|
|
|
Total Subordinated Debt |
|
$ |
150,000 |
|
|
|
|
|
|
|
|
|
Fair Value Premium (Discount)(6) |
|
|
(15,330) |
|
|
|
|
|
|
|
|
|
Investment in Trust Preferred Capital Securities |
|
|
4,659 |
|
|
|
|
|
|
|
|
|
Total Long-term Borrowings |
|
$ |
489,829 |
|
|
|
|
|
|
|
|
|
| (1) |
Rate as of December 31, 2020. Calculated using non-rounded numbers. |
| (2) |
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" on the Company’s Consolidated Balance Sheets. |
| (3) |
The remaining issuance discount as of December 31, 2020 is $1.2 million.
|
| (4) |
Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. |
| (5) |
Fixed-to-floating rate notes. On December 15, 2021, the interest rate will change to a floating rate of LIBOR plus 3.175% through its maturity date.
|
| (6) |
Includes discount on issued subordinated notes. |
|
| Contractual Maturities of Long-Term Debt |
As of March 31, 2021, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust |
|
|
|
|
|
|
|
|
Preferred |
|
|
|
Fair Value |
|
Total |
|
|
Capital |
|
Subordinated |
|
Premium |
|
Long-term |
|
|
Notes |
|
Debt |
|
(Discount) (1) |
|
Borrowings |
For the remaining nine months of 2021 |
|
$ |
— |
|
$ |
— |
|
$ |
(760) |
|
$ |
(760) |
2022 |
|
|
— |
|
|
— |
|
|
(1,030) |
|
|
(1,030) |
2023 |
|
|
— |
|
|
— |
|
|
(1,053) |
|
|
(1,053) |
2024 |
|
|
— |
|
|
— |
|
|
(1,078) |
|
|
(1,078) |
2025 |
|
|
— |
|
|
— |
|
|
(1,102) |
|
|
(1,102) |
Thereafter |
|
|
155,159 |
|
|
150,000 |
|
|
(10,058) |
|
|
295,101 |
Total long-term borrowings |
|
$ |
155,159 |
|
$ |
150,000 |
|
$ |
(15,081) |
|
$ |
290,078 |
| (1) |
Includes discount on issued subordinated notes. |
|