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BORROWINGS (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| BORROWINGS [Abstract] |
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| Short-Term Borrowings |
Total short-term borrowings consist of the following as of September 30, 2014 and December 31, 2013 (dollars in thousands):
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September 30,
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December 31,
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2014
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2013
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Securities sold under agreements to repurchase
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$
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33,517
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$
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52,455
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Other short-term borrowings
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195,000
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211,500
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Total short-term borrowings
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$
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228,517
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$
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263,955
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Maximum month-end outstanding balance
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$
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274,281
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$
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263,955
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Average outstanding balance during the period
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238,104
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119,433
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Average interest rate during the period
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0.24%
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0.30%
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Average interest rate at end of period
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0.20%
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0.30%
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Other short-term borrowings:
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Federal funds purchased
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$
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-
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$
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31,500
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FHLB
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$
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195,000
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$
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180,000
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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 $7.3 million at September 30, 2014. The trust preferred capital notes currently qualify for Tier 1 capital of the Company for regulatory purposes.
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Principal
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Investment(1)
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Spread to
3-Month LIBOR
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Rate
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Maturity
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Trust Preferred Capital Note - Statutory Trust I
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$
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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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2.99%
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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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1.64%
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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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2.97%
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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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3.34%
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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) reported as 'Other Assets' within the Consolidated Balance Sheets
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| Advances from the FHLB |
In connection with the StellarOne acquisition, the Company assumed $70.0 million in long-term borrowings with the FHLB with a remaining fair value premium of $2.4 million at September 30, 2014. As of September 30, 2014, the advances from the FHLB consisted of the following (dollars in thousands):
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Long Term Type
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Spread to
3-Month LIBOR
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Interest Rate
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Maturity Date
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Advance Amount
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Adjustable Rate Credit
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0.44%
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0.68%
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8/23/2022
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$
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55,000
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Adjustable Rate Credit
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0.45%
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0.69%
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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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0.69%
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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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0.69%
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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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As of December 31, 2013, the advances from the FHLB consisted 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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0.69%
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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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0.70%
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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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0.70%
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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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0.70%
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11/23/2022
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10,000
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$
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140,000
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| Contractual Maturities of Long-Term Debt |
As of September 30, 2014, 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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Remaining three months in 2014
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$
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-
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$
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-
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$
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-
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$
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75
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$
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(455)
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$
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(380)
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2015
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-
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-
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10,000
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175
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(1,831)
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8,344
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2016
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-
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17,500
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40,000
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271
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(1,882)
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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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(1,923)
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8,247
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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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Thereafter
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93,301
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-
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140,000
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(5,923)
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(5,899)
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221,479
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Total long-term borrowings
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$
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93,301
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$
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17,500
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$
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210,000
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$
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(5,661)
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$
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(15,978)
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$
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299,162
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