BORROWINGS (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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| BORROWINGS [Abstract] |
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| Short-Term Borrowings |
Total short-term borrowings consist of the following as of December 31, 2015 and 2014 (dollars in thousands):
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2015
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2014
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Securities sold under agreements to repurchase
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$
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84,977
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$
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44,393
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Other short-term borrowings
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304,000
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343,000
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Total short-term borrowings
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$
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388,977
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$
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387,393
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Maximum month-end outstanding balance
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$
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445,761
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$
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387,393
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Average outstanding balance during the period
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379,783
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237,896
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Average interest rate during the period
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0.25%
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0.24%
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Average interest rate at end of period
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0.27%
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0.31%
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Other short-term borrowings:
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FHLB
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$
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304,000
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$
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335,000
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Other lines of credit
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-
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8,000
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| Trust Preferred Capital Notes Qualify for Tier 1 Capital |
In connection with the acquisition of StellarOne, the Company acquired trust preferred capital notes totaling $32.0 million with a remaining fair value discount of $7.0 million at December 31, 2015. The trust preferred capital notes currently qualify for Tier 1 capital of the Company for regulatory purposes.
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Trust Preferred Capital Securities(1)
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Investment(1)
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Spread to
3-Month LIBOR
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Rate
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Maturity
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Trust Preferred Capital Note - Statutory Trust I
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$
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22,500,000
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$
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696,000
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2.75%
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3.36%
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6/17/2034
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Trust Preferred Capital Note - Statutory Trust II
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36,000,000
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1,114,000
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1.40%
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2.01%
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6/15/2036
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VFG Limited Liability Trust I Indenture
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20,000,000
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619,000
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2.73%
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3.34%
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3/18/2034
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FNB Statutory Trust II Indenture
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12,000,000
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372,000
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3.10%
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3.71%
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6/26/2033
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Total
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$
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90,500,000
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$
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2,801,000
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(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.
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| Advances from the FHLB |
As of December 31, 2015, the Company had advances from the FHLB consisting of the following (dollars in thousands):
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Long-term Type
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Spread to
3-Month LIBOR
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Interest Rate
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Maturity Date
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Advance Amount
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Adjustable Rate Credit
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0.44%
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1.05%
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8/23/2022
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$
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55,000
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Adjustable Rate Credit
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0.45%
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1.07%
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11/23/2022
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65,000
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Adjustable Rate Credit
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0.45%
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1.07%
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11/23/2022
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10,000
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Adjustable Rate Credit
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0.45%
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1.07%
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11/23/2022
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10,000
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Fixed Rate
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-
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3.62%
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11/28/2017
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10,000
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Fixed Rate
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-
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3.75%
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7/30/2018
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5,000
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Fixed Rate
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-
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3.97%
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7/30/2018
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5,000
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Fixed Rate Hybrid
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-
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2.11%
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10/5/2016
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25,000
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Fixed Rate Hybrid
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-
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0.91%
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7/25/2016
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15,000
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$
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200,000
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As of December 31, 2014, the Company had advances from the FHLB consisting of the following (dollars in thousands):
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Long-term Type
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Spread to
3-Month LIBOR
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Interest Rate
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Maturity Date
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Advance Amount
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Adjustable Rate Credit
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0.44%
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0.70%
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8/23/2022
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$
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55,000
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Adjustable Rate Credit
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0.45%
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0.71%
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11/23/2022
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65,000
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Adjustable Rate Credit
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0.45%
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0.71%
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11/23/2022
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10,000
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Adjustable Rate Credit
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0.45%
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0.71%
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11/23/2022
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10,000
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Fixed Rate
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-
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3.62%
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11/28/2017
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10,000
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Fixed Rate
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-
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3.44%
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7/28/2015
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10,000
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Fixed Rate
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-
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3.75%
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7/30/2018
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5,000
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Fixed Rate
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-
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3.97%
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7/30/2018
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5,000
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Fixed Rate Hybrid
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-
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2.11%
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10/5/2016
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25,000
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Fixed Rate Hybrid
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-
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0.91%
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7/25/2016
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15,000
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$
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210,000
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| Contractual Maturities of Long-Term Debt |
As of December 31, 2015, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
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Trust Preferred Capital Notes
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Subordinated Debt
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FHLB Advances
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Fair Value
Premium (Discount)
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Prepayment Penalty
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Total Long-term Borrowings
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2016
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$
|
-
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$
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17,500
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$
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40,000
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$
|
271
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$
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(1,882)
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$
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55,889
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2017
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-
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-
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10,000
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170
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(1,922)
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8,248
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2018
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-
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-
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10,000
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(143)
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(1,970)
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7,887
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2019
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-
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-
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-
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(286)
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(2,018)
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(2,304)
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2020
|
|
-
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-
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-
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(301)
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(2,074)
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(2,375)
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Thereafter
|
|
93,301
|
|
|
-
|
|
|
140,000
|
|
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(5,622)
|
|
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(3,826)
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|
|
223,853
|
|
Total Long-term borrowings
|
$
|
93,301
|
|
$
|
17,500
|
|
$
|
200,000
|
|
$
|
(5,911)
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|
$
|
(13,692)
|
|
$
|
291,198
|
|