Quarterly report pursuant to Section 13 or 15(d)

BORROWINGS (Tables)

v3.5.0.2
BORROWINGS (Tables)
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Short-Term Borrowings
Total short-term borrowings consist of the following as of September 30, 2016 and December 31, 2015 (dollars in thousands):

 
September 30,
2016
 
December 31,
2015
Securities sold under agreements to repurchase
$
64,225

 
$
84,977

Other short-term borrowings
601,500

 
304,000

Total short-term borrowings
$
665,725

 
$
388,977

 
 
 
 
Maximum month-end outstanding balance
$
678,262

 
$
445,761

Average outstanding balance during the period
583,418

 
379,783

Average interest rate (year-to-date)
0.48
%
 
0.25
%
Average interest rate at end of period
0.48
%
 
0.27
%
 
 
 
 
Other short-term borrowings:
 

 
 

Federal funds purchased
$
6,000

 
$

FHLB
579,500

 
304,000

Other lines of credit
16,000

 

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.

 
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
%
 
3.60
%
 
6/17/2034
Trust Preferred Capital Note - Statutory Trust II
36,000,000

 
1,114,000

 
1.40
%
 
2.25
%
 
6/15/2036
VFG Limited Liability Trust I Indenture
20,000,000

 
619,000

 
2.73
%
 
3.58
%
 
3/18/2034
FNB Statutory Trust II Indenture
12,000,000

 
372,000

 
3.10
%
 
3.95
%
 
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 September 30, 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
%
 
1.29
%
 
8/23/2022
 
$
55,000

Adjustable Rate Credit
 
0.45
%
 
1.31
%
 
11/23/2022
 
65,000

Adjustable Rate Credit
 
0.45
%
 
1.31
%
 
11/23/2022
 
10,000

Adjustable Rate Credit
 
0.45
%
 
1.31
%
 
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

 
 
 

 
 

 
 
 
$
185,000

(1) Interest rates calculated using non-rounded numbers.
 
 
 
 
 
 
 
 
 
As of December 31, 2015, 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
%
 
1.05
%
 
8/23/2022
 
$
55,000

Adjustable Rate Credit
 
0.45
%
 
1.07
%
 
11/23/2022
 
65,000

Adjustable Rate Credit
 
0.45
%
 
1.07
%
 
11/23/2022
 
10,000

Adjustable Rate Credit
 
0.45
%
 
1.07
%
 
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

(1) Interest rates calculated using non-rounded numbers.
 
 
 
 
 
 
 
 
Contractual Maturities of Long-Term Debt
As of September 30, 2016, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
 
 
Trust
Preferred
Capital
Notes
 
FHLB
Advances
 
Fair Value 
Premium
(Discount)
 
Prepayment
Penalty
 
Total Long-term
Borrowings
For the remaining three months of 2016
$

 
$
25,000

 
$
71

 
$
(477
)
 
$
24,594

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

 
(5,623
)
 
(3,826
)
 
223,852

Total Long-term borrowings
$
93,301

 
$
185,000

 
$
(6,112
)
 
$
(12,287
)
 
$
259,902