Quarterly report pursuant to Section 13 or 15(d)

BORROWINGS (Tables)

v2.4.0.8
BORROWINGS (Tables)
9 Months Ended
Sep. 30, 2014
BORROWINGS [Abstract]  
Short-Term Borrowings

Total short-term borrowings consist of the following as of September 30, 2014 and December 31, 2013 (dollars in thousands):

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

2014

 

2013

Securities sold under agreements to repurchase

$

33,517 

 

$

52,455 

Other short-term borrowings

 

195,000 

 

 

211,500 

Total short-term borrowings

$

228,517 

 

$

263,955 

 

 

 

 

 

 

Maximum month-end outstanding balance

$

274,281 

 

$

263,955 

Average outstanding balance during the period

 

238,104 

 

 

119,433 

Average interest rate during the period

 

0.24% 

 

 

0.30% 

Average interest rate at end of period

 

0.20% 

 

 

0.30% 

 

 

 

 

 

 

Other short-term borrowings:

 

 

 

 

 

Federal funds purchased

$

 -

 

$

31,500 

FHLB

$

195,000 

 

$

180,000 

 

 

 

 

 

 

 

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. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

Investment(1)

 

Spread to
3-Month LIBOR

 

Rate

 

Maturity

Trust Preferred Capital Note - Statutory Trust I

$

22,500,000 

 

$

696,000 

 

2.75% 

 

2.99% 

 

6/17/2034

Trust Preferred Capital Note - Statutory Trust II

 

36,000,000 

 

 

1,114,000 

 

1.40% 

 

1.64% 

 

6/15/2036

VFG Limited Liability Trust I Indenture

 

20,000,000 

 

 

619,000 

 

2.73% 

 

2.97% 

 

3/18/2034

FNB Statutory Trust II Indenture

 

12,000,000 

 

 

372,000 

 

3.10% 

 

3.34% 

 

6/26/2033

Total

$

90,500,000 

 

$

2,801,000 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) reported as 'Other Assets' within the Consolidated Balance Sheets

 

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):

 

 

 

 

 

 

 

 

 

 

 

 

Long Term Type

 

Spread to
3-Month LIBOR

 

Interest Rate

 

Maturity Date

 

Advance Amount

 

 

 

 

 

 

 

 

 

 

Adjustable Rate Credit

 

0.44%

 

0.68%

 

8/23/2022

 

$

55,000 

Adjustable Rate Credit

 

0.45%

 

0.69%

 

11/23/2022

 

 

65,000 

Adjustable Rate Credit

 

0.45%

 

0.69%

 

11/23/2022

 

 

10,000 

Adjustable Rate Credit

 

0.45%

 

0.69%

 

11/23/2022

 

 

10,000 

Fixed Rate

 

-

 

3.62%

 

11/28/2017

 

 

10,000 

Fixed Rate

 

-

 

3.44%

 

7/28/2015

 

 

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 

 

 

 

 

 

 

 

 

$

210,000 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2013, the advances from the FHLB consisted of the following (dollars in thousands):

 

 

 

 

 

 

 

 

 

 

Long Term Type

 

Spread to
3-Month LIBOR

 

Interest Rate

 

Maturity Date

 

Advance Amount

 

 

 

 

 

 

 

 

 

 

Adjustable Rate Credit

 

0.44%

 

0.69%

 

8/23/2022

 

$

55,000 

Adjustable Rate Credit

 

0.45%

 

0.70%

 

11/23/2022

 

 

65,000 

Adjustable Rate Credit

 

0.45%

 

0.70%

 

11/23/2022

 

 

10,000 

Adjustable Rate Credit

 

0.45%

 

0.70%

 

11/23/2022

 

 

10,000 

 

 

 

 

 

 

 

 

$

140,000 

 

 

 

 

 

 

 

 

 

 

 

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):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust Preferred Capital Notes

 

Subordinated Debt

 

FHLB Advances

 

Fair Value
Premium (Discount)

 

Prepayment Penalty

 

Total Long-term Borrowings

Remaining three months in 2014

$

 -

 

$

 -

 

$

 -

 

$

75 

 

$

(455)

 

$

(380)

2015

 

 -

 

 

 -

 

 

10,000 

 

 

175 

 

 

(1,831)

 

 

8,344 

2016

 

 -

 

 

17,500 

 

 

40,000 

 

 

271 

 

 

(1,882)

 

 

55,889 

2017

 

 -

 

 

 -

 

 

10,000 

 

 

170 

 

 

(1,923)

 

 

8,247 

2018

 

 -

 

 

 -

 

 

10,000 

 

 

(143)

 

 

(1,970)

 

 

7,887 

2019

 

 -

 

 

 -

 

 

 -

 

 

(286)

 

 

(2,018)

 

 

(2,304)

Thereafter

 

93,301 

 

 

 -

 

 

140,000 

 

 

(5,923)

 

 

(5,899)

 

 

221,479 

Total long-term borrowings

$

93,301 

 

$

17,500 

 

$

210,000 

 

$

(5,661)

 

$

(15,978)

 

$

299,162