BORROWINGS (Tables)
|
9 Months Ended |
Sep. 30, 2015 |
|---|
| BORROWINGS [Abstract] |
|
| Short-Term Borrowings |
Total short-term borrowings consist of the following as of September 30, 2015 and December 31, 2014 (dollars in thousands):
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
2015
|
|
2014
|
|
Securities sold under agreements to repurchase
|
$
|
99,417
|
|
$
|
44,393
|
|
Other short-term borrowings
|
|
332,000
|
|
|
343,000
|
|
Total short-term borrowings
|
$
|
431,417
|
|
$
|
387,393
|
|
|
|
|
|
|
|
|
Maximum month-end outstanding balance
|
$
|
445,761
|
|
$
|
387,393
|
|
Average outstanding balance during the period
|
|
383,554
|
|
|
237,896
|
|
Average interest rate during the period
|
|
0.26%
|
|
|
0.24%
|
|
Average interest rate at end of period
|
|
0.24%
|
|
|
0.31%
|
|
|
|
|
|
|
|
|
Other short-term borrowings:
|
|
|
|
|
|
|
Federal funds purchased
|
$
|
5,000
|
|
$
|
-
|
|
FHLB
|
$
|
325,000
|
|
$
|
335,000
|
|
Other lines of credit
|
|
2,000
|
|
|
8,000
|
|
| 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
Investment(1)
|
|
Spread to
3-Month LIBOR
|
|
Rate
|
|
Maturity
|
|
Trust Preferred Capital Note - Statutory Trust I
|
$
|
22,500,000
|
|
$
|
696,000
|
|
2.75%
|
|
3.08%
|
|
6/17/2034
|
|
Trust Preferred Capital Note - Statutory Trust II
|
|
36,000,000
|
|
|
1,114,000
|
|
1.40%
|
|
1.73%
|
|
6/15/2036
|
|
VFG Limited Liability Trust I Indenture
|
|
20,000,000
|
|
|
619,000
|
|
2.73%
|
|
3.06%
|
|
3/18/2034
|
|
FNB Statutory Trust II Indenture
|
|
12,000,000
|
|
|
372,000
|
|
3.10%
|
|
3.43%
|
|
6/26/2033
|
|
Total
|
$
|
90,500,000
|
|
$
|
2,801,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) reported as "Other Assets" within the Consolidated Balance Sheets.
|
|
| Advances from the FHLB |
As of September 30, 2015, the Company had advances from the FHLB consisting 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%
|
|
0.77%
|
|
8/23/2022
|
|
$
|
55,000
|
|
Adjustable Rate Credit
|
|
0.45%
|
|
0.78%
|
|
11/23/2022
|
|
|
65,000
|
|
Adjustable Rate Credit
|
|
0.45%
|
|
0.78%
|
|
11/23/2022
|
|
|
10,000
|
|
Adjustable Rate Credit
|
|
0.45%
|
|
0.78%
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014, the Company had advances from the FHLB consisting 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%
|
|
0.70%
|
|
8/23/2022
|
|
$
|
55,000
|
|
Adjustable Rate Credit
|
|
0.45%
|
|
0.71%
|
|
11/23/2022
|
|
|
65,000
|
|
Adjustable Rate Credit
|
|
0.45%
|
|
0.71%
|
|
11/23/2022
|
|
|
10,000
|
|
Adjustable Rate Credit
|
|
0.45%
|
|
0.71%
|
|
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
|
|
| Contractual Maturities of Long-Term Debt |
As of September 30, 2015, 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 2015
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
(466)
|
|
$
|
(466)
|
|
2016
|
|
-
|
|
|
17,500
|
|
|
40,000
|
|
|
271
|
|
|
(1,882)
|
|
|
55,889
|
|
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
|
|
|
(5,622)
|
|
|
(3,826)
|
|
|
223,853
|
|
Total Long-term borrowings
|
$
|
93,301
|
|
$
|
17,500
|
|
$
|
200,000
|
|
$
|
(5,911)
|
|
$
|
(14,158)
|
|
$
|
290,732
|
|