| Short-Term Borrowings |
Total short-term borrowings as of December 31, 2021 and 2020 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
Securities sold under agreements to repurchase |
|
$ |
117,870 |
|
$ |
100,888 |
|
Federal Funds Purchased |
|
|
— |
|
|
150,000 |
|
FHLB Advances |
|
|
— |
|
|
100,000 |
|
Total short-term borrowings |
|
$ |
117,870 |
|
$ |
350,888 |
|
|
|
|
|
|
|
|
|
Average outstanding balance during the period |
|
$ |
113,030 |
|
$ |
213,932 |
|
Average interest rate during the period |
|
|
0.10 |
% |
|
0.79 |
% |
Average interest rate at end of period |
|
|
0.07 |
% |
|
0.13 |
% |
|
| Long-Term Borrowings |
Total long-term borrowings consist of the following as of December 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 |
% |
2.96 |
% |
6/17/2034 |
|
$ |
696 |
Trust Preferred Capital Note - Statutory Trust II |
|
|
36,000 |
|
1.40 |
% |
1.61 |
% |
6/15/2036 |
|
|
1,114 |
VFG Limited Liability Trust I Indenture |
|
|
20,000 |
|
2.73 |
% |
2.94 |
% |
3/18/2034 |
|
|
619 |
FNB Statutory Trust II Indenture |
|
|
12,000 |
|
3.10 |
% |
3.31 |
% |
6/26/2033 |
|
|
372 |
Gateway Capital Statutory Trust I |
|
|
8,000 |
|
3.10 |
% |
3.31 |
% |
9/17/2033 |
|
|
248 |
Gateway Capital Statutory Trust II |
|
|
7,000 |
|
2.65 |
% |
2.86 |
% |
6/17/2034 |
|
|
217 |
Gateway Capital Statutory Trust III |
|
|
15,000 |
|
1.50 |
% |
1.71 |
% |
5/30/2036 |
|
|
464 |
Gateway Capital Statutory Trust IV |
|
|
25,000 |
|
1.55 |
% |
1.76 |
% |
7/30/2037 |
|
|
774 |
MFC Capital Trust II |
|
|
5,000 |
|
2.85 |
% |
3.06 |
% |
1/23/2034 |
|
|
155 |
Total Trust Preferred Capital Securities |
|
$ |
150,500 |
|
|
|
|
|
|
|
$ |
4,659 |
Subordinated Debt(3)(4) |
|
|
|
|
|
|
|
|
|
|
|
|
2031 Subordinated Debt |
|
|
250,000 |
|
- |
% |
2.875 |
% |
12/15/2031 |
|
|
|
Total Subordinated Debt(5) |
|
$ |
250,000 |
|
|
|
|
|
|
|
|
|
Fair Value Discount(6) |
|
|
(16,435) |
|
|
|
|
|
|
|
|
|
Investment in Trust Preferred Capital Securities |
|
|
4,659 |
|
|
|
|
|
|
|
|
|
Total Long-term Borrowings |
|
$ |
388,724 |
|
|
|
|
|
|
|
|
|
| (1) |
Rate as of December 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 December 31, 2021 is $3.1 million.
|
| (4) |
Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes
|
| (5) |
Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 basis points through its maturity date. The notes may be redeemed before maturity on or after December 15, 2026.
|
| (6) |
Remaining discounts of $13.3 million and $3.1 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.
|
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 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 notes were redeemed in full prior to the interest rate changing to a floating rate of LIBOR plus 3.175%
|
| (6) |
Includes discount on Trust Preferred Capital and Subordinated Debt. |
|
| Contractual Maturities of Long-Term Debt |
As of December 31, 2021, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust |
|
|
|
|
|
|
|
|
Preferred |
|
|
|
|
|
Total |
|
|
Capital |
|
Subordinated |
|
Fair Value |
|
Long-term |
|
|
Notes |
|
Debt |
|
Discount (1) |
|
Borrowings |
2022 |
|
$ |
— |
|
$ |
— |
|
$ |
(1,139) |
|
$ |
(1,139) |
2023 |
|
|
— |
|
|
— |
|
|
(1,162) |
|
|
(1,162) |
2024 |
|
|
— |
|
|
— |
|
|
(1,187) |
|
|
(1,187) |
2025 |
|
|
— |
|
|
— |
|
|
(1,211) |
|
|
(1,211) |
2026 |
|
|
— |
|
|
— |
|
|
(1,236) |
|
|
(1,236) |
Thereafter |
|
|
155,159 |
|
|
250,000 |
|
|
(10,500) |
|
|
394,659 |
Total long-term borrowings |
|
$ |
155,159 |
|
$ |
250,000 |
|
$ |
(16,435) |
|
$ |
388,724 |
| (1) |
Includes discount on Trust Preferred Capital Securities and Subordinated Debt.
|
|