|
Total long-term borrowings consist of the following as of September 30, 2024 (dollars in thousands):
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|
|
|
|
|
|
|
|
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|
|
|
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|
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Spread to |
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|
|
|
|
Principal |
|
|
3-Month SOFR |
|
Rate (3) |
|
Maturity |
|
Investment (4) |
Trust Preferred Capital Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust Preferred Capital Note – Statutory Trust I |
|
$ |
22,500 |
|
|
2.75 |
% (1) |
|
7.60 |
% |
6/17/2034 |
|
$ |
696 |
Trust Preferred Capital Note – Statutory Trust II |
|
|
36,000 |
|
|
1.40 |
% (1) |
|
6.25 |
% |
6/15/2036 |
|
|
1,114 |
VFG Limited Liability Trust I Indenture |
|
|
20,000 |
|
|
2.73 |
% (1) |
|
7.58 |
% |
3/18/2034 |
|
|
619 |
FNB Statutory Trust II Indenture |
|
|
12,000 |
|
|
3.10 |
% (1) |
|
7.95 |
% |
6/26/2033 |
|
|
372 |
Gateway Capital Statutory Trust I |
|
|
8,000 |
|
|
3.10 |
% (1) |
|
7.95 |
% |
9/17/2033 |
|
|
248 |
Gateway Capital Statutory Trust II |
|
|
7,000 |
|
|
2.65 |
% (1) |
|
7.50 |
% |
6/17/2034 |
|
|
217 |
Gateway Capital Statutory Trust III |
|
|
15,000 |
|
|
1.50 |
% (1) |
|
6.35 |
% |
5/30/2036 |
|
|
464 |
Gateway Capital Statutory Trust IV |
|
|
25,000 |
|
|
1.55 |
% (1) |
|
6.40 |
% |
7/30/2037 |
|
|
774 |
MFC Capital Trust II |
|
|
5,000 |
|
|
2.85 |
% (1) |
|
7.70 |
% |
1/23/2034 |
|
|
155 |
AMNB Statutory Trust I (5) |
|
|
20,000 |
|
|
1.35 |
% (1) |
|
6.20 |
% |
6/30/2036 |
|
|
619 |
MidCarolina Trust I (5) |
|
|
5,000 |
|
|
3.45 |
% (2) |
|
8.04 |
% |
11/7/2032 |
|
|
155 |
MidCarolina Trust II (5) |
|
|
3,500 |
|
|
2.95 |
% (2) |
|
7.54 |
% |
1/7/2034 |
|
|
109 |
Total Trust Preferred Capital Securities |
|
$ |
179,000 |
|
|
|
|
|
|
|
|
|
$ |
5,542 |
Subordinated Debt (6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2031 Subordinated Debt |
|
|
250,000 |
|
|
— |
% |
|
2.875 |
% |
12/15/2031 |
|
|
|
Total Subordinated Debt (7) |
|
$ |
250,000 |
|
|
|
|
|
|
|
|
|
|
|
Fair Value Discount (8) |
|
|
(16,605) |
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|
|
|
|
|
|
|
|
|
|
Investment in Trust Preferred Capital Securities |
|
|
5,542 |
|
|
|
|
|
|
|
|
|
|
|
Total Long-term Borrowings |
|
$ |
417,937 |
|
|
|
|
|
|
|
|
|
|
|
(1) Three-Month CME SOFR + 0.262%.
(2) Three-Month CME SOFR.
(3) Rate as of September 30, 2024. Calculated using non-rounded numbers.
(4) Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets.
(5) Assumed in the American National acquisition and adjusted to fair value at the time of acquisition.
(6) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.
(7) Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026.
(8) Remaining discounts of $14.4 million and $2.2 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.
Total long-term borrowings consist of the following as of December 31, 2023 (dollars in thousands):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spread to |
|
|
|
|
|
|
|
|
|
Principal |
|
3-Month SOFR (1) |
|
Rate (2) |
|
Maturity |
|
Investment (3) |
Trust Preferred Capital Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust Preferred Capital Note – Statutory Trust I |
|
$ |
22,500 |
|
2.75 |
% |
|
8.34 |
% |
6/17/2034 |
|
$ |
696 |
Trust Preferred Capital Note – Statutory Trust II |
|
|
36,000 |
|
1.40 |
% |
|
6.99 |
% |
6/15/2036 |
|
|
1,114 |
VFG Limited Liability Trust I Indenture |
|
|
20,000 |
|
2.73 |
% |
|
8.32 |
% |
3/18/2034 |
|
|
619 |
FNB Statutory Trust II Indenture |
|
|
12,000 |
|
3.10 |
% |
|
8.69 |
% |
6/26/2033 |
|
|
372 |
Gateway Capital Statutory Trust I |
|
|
8,000 |
|
3.10 |
% |
|
8.69 |
% |
9/17/2033 |
|
|
248 |
Gateway Capital Statutory Trust II |
|
|
7,000 |
|
2.65 |
% |
|
8.24 |
% |
6/17/2034 |
|
|
217 |
Gateway Capital Statutory Trust III |
|
|
15,000 |
|
1.50 |
% |
|
7.09 |
% |
5/30/2036 |
|
|
464 |
Gateway Capital Statutory Trust IV |
|
|
25,000 |
|
1.55 |
% |
|
7.14 |
% |
7/30/2037 |
|
|
774 |
MFC Capital Trust II |
|
|
5,000 |
|
2.85 |
% |
|
8.44 |
% |
1/23/2034 |
|
|
155 |
Total Trust Preferred Capital Securities |
|
$ |
150,500 |
|
|
|
|
|
|
|
|
$ |
4,659 |
Subordinated Debt (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
2031 Subordinated Debt |
|
|
250,000 |
|
— |
% |
|
2.875 |
% |
12/15/2031 |
|
|
|
Total Subordinated Debt (5) |
|
$ |
250,000 |
|
|
|
|
|
|
|
|
|
|
Fair Value Discount (6) |
|
|
(14,134) |
|
|
|
|
|
|
|
|
|
|
Investment in Trust Preferred Capital Securities |
|
|
4,659 |
|
|
|
|
|
|
|
|
|
|
Total Long-term Borrowings |
|
$ |
391,025 |
|
|
|
|
|
|
|
|
|
|
(1) Three-Month CME SOFR + 0.262%.
(2) Rate as of December 31, 2023. Calculated using non-rounded numbers.
(3) Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets.
(4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.
(5) Fixed-to-floating rate notes. On December 15, 2026, the interest changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026.
(6) Remaining discounts of $11.7 million and $2.5 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.
|