| Short-Term Borrowings |
Total short-term borrowings consist of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2020 |
|
2019 |
|
Securities sold under agreements to repurchase |
|
$ |
91,086 |
|
$ |
66,053 |
|
Federal Funds Purchased |
|
|
25,000 |
|
|
— |
|
FHLB Advances |
|
|
150,200 |
|
|
370,200 |
|
Total short-term borrowings |
|
$ |
266,286 |
|
$ |
436,253 |
|
|
|
|
|
|
|
|
|
Average outstanding balance during the period |
|
$ |
223,068 |
|
$ |
673,116 |
|
Average interest rate (during the period) |
|
|
0.96 |
% |
|
2.30 |
% |
Average interest rate at end of period |
|
|
0.25 |
% |
|
1.52 |
% |
|
| Long-Term Borrowings |
Total long-term borrowings consist of the following as of September 30, 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 |
% |
2.98 |
% |
6/17/2034 |
|
$ |
696 |
Trust Preferred Capital Note - Statutory Trust II |
|
|
36,000 |
|
1.40 |
% |
1.63 |
% |
6/15/2036 |
|
|
1,114 |
VFG Limited Liability Trust I Indenture |
|
|
20,000 |
|
2.73 |
% |
2.96 |
% |
3/18/2034 |
|
|
619 |
FNB Statutory Trust II Indenture |
|
|
12,000 |
|
3.10 |
% |
3.33 |
% |
6/26/2033 |
|
|
372 |
Gateway Capital Statutory Trust I |
|
|
8,000 |
|
3.10 |
% |
3.33 |
% |
9/17/2033 |
|
|
248 |
Gateway Capital Statutory Trust II |
|
|
7,000 |
|
2.65 |
% |
2.88 |
% |
6/17/2034 |
|
|
217 |
Gateway Capital Statutory Trust III |
|
|
15,000 |
|
1.50 |
% |
1.73 |
% |
5/30/2036 |
|
|
464 |
Gateway Capital Statutory Trust IV |
|
|
25,000 |
|
1.55 |
% |
1.78 |
% |
7/30/2037 |
|
|
774 |
MFC Capital Trust II |
|
|
5,000 |
|
2.85 |
% |
3.08 |
% |
1/23/2034 |
|
|
155 |
Total Trust Preferred Capital Securities |
|
$ |
150,500 |
|
|
|
|
|
|
|
$ |
4,659 |
FHLB Advances(3) |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Flipper |
|
$ |
50,000 |
|
- |
% |
0.85 |
% |
8/17/2029 |
|
|
|
Convertible Flipper |
|
|
150,000 |
|
(0.75) |
% |
- |
% |
5/22/2029 |
|
|
|
Convertible Flipper |
|
|
50,000 |
|
(0.75) |
% |
- |
% |
5/30/2029 |
|
|
|
Convertible Flipper |
|
|
100,000 |
|
(0.75) |
% |
- |
% |
6/21/2029 |
|
|
|
Fixed Rate Convertible |
|
|
200,000 |
|
- |
% |
1.78 |
% |
10/26/2028 |
|
|
|
Fixed Rate Credit |
|
|
10,000 |
|
- |
% |
1.54 |
% |
10/2/2020 |
|
|
|
Total FHLB Advances |
|
$ |
560,000 |
|
|
|
|
|
|
|
|
|
Subordinated Debt(4)(5) |
|
|
|
|
|
|
|
|
|
|
|
|
2025 Subordinated Debt |
|
$ |
8,500 |
|
- |
% |
6.75 |
% |
6/30/2025 |
|
|
|
2026 Subordinated Debt(6) |
|
|
150,000 |
|
- |
% |
5.00 |
% |
12/15/2026 |
|
|
|
Total Subordinated Debt |
|
$ |
158,500 |
|
|
|
|
|
|
|
|
|
PPPLF Advances(7) |
|
|
|
|
|
|
|
|
|
|
|
|
PPPLF Advance 4/8/2022 |
|
$ |
55,422 |
|
- |
% |
0.35 |
% |
4/8/2022 |
|
|
|
PPPLF Advance 4/11/2022 |
|
|
134,523 |
|
- |
% |
0.35 |
% |
4/11/2022 |
|
|
|
Total PPPLF Advances |
|
$ |
189,945 |
|
|
|
|
|
|
|
|
|
Fair Value Premium (Discount)(8) |
|
|
(15,568) |
|
|
|
|
|
|
|
|
|
Investment in Trust Preferred Capital Securities |
|
|
4,659 |
|
|
|
|
|
|
|
|
|
Total Long-term Borrowings |
|
$ |
1,048,036 |
|
|
|
|
|
|
|
|
|
| (1) |
Rate as of September 30, 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) |
Convertible Flippers have interest rate floors of 0%.
|
| (4) |
The remaining issuance discount as of September 30, 2020 is $1.2 million.
|
| (5) |
Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. |
| (6) |
Fixed-to-floating rate notes. On December 15, 2021, the interest rate will change to a floating rate of LIBOR plus 3.175% through its maturity date.
|
| (7) |
The Company’s available borrowing capacity under the PPPLF as of September 30, 2020 was $1.4 billion.
|
| (8) |
Includes discount on issued subordinated notes. |
Total long-term borrowings consist of the following as of December 31, 2019 (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 |
% |
4.66 |
% |
6/17/2034 |
|
$ |
696 |
Trust Preferred Capital Note - Statutory Trust II |
|
|
36,000 |
|
1.40 |
% |
3.31 |
% |
6/15/2036 |
|
|
1,114 |
VFG Limited Liability Trust I Indenture |
|
|
20,000 |
|
2.73 |
% |
4.64 |
% |
3/18/2034 |
|
|
619 |
FNB Statutory Trust II Indenture |
|
|
12,000 |
|
3.10 |
% |
5.01 |
% |
6/26/2033 |
|
|
372 |
Gateway Capital Statutory Trust I |
|
|
8,000 |
|
3.10 |
% |
5.01 |
% |
9/17/2033 |
|
|
248 |
Gateway Capital Statutory Trust II |
|
|
7,000 |
|
2.65 |
% |
4.56 |
% |
6/17/2034 |
|
|
217 |
Gateway Capital Statutory Trust III |
|
|
15,000 |
|
1.50 |
% |
3.41 |
% |
5/30/2036 |
|
|
464 |
Gateway Capital Statutory Trust IV |
|
|
25,000 |
|
1.55 |
% |
3.46 |
% |
7/30/2037 |
|
|
774 |
MFC Capital Trust II |
|
|
5,000 |
|
2.85 |
% |
4.76 |
% |
1/23/2034 |
|
|
155 |
Total Trust Preferred Capital Securities |
|
$ |
150,500 |
|
|
|
|
|
|
|
$ |
4,659 |
FHLB Advances(3) |
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Flipper |
|
$ |
50,000 |
|
(0.75) |
% |
1.16 |
% |
8/17/2029 |
|
|
|
Convertible Flipper |
|
|
200,000 |
|
(0.50) |
% |
1.41 |
% |
5/15/2024 |
|
|
|
Convertible Flipper |
|
|
150,000 |
|
(0.75) |
% |
1.16 |
% |
5/22/2029 |
|
|
|
Convertible Flipper |
|
|
50,000 |
|
(0.75) |
|
1.16 |
|
5/30/2029 |
|
|
|
Convertible Flipper |
|
|
100,000 |
|
(0.75) |
% |
1.16 |
% |
6/21/2029 |
|
|
|
Fixed Rate Convertible |
|
|
200,000 |
|
- |
% |
1.78 |
% |
10/26/2028 |
|
|
|
Fixed Rate Hybrid |
|
|
20,000 |
|
- |
% |
1.58 |
% |
5/18/2020 |
|
|
|
Fixed Rate Credit |
|
|
10,000 |
|
- |
% |
1.54 |
% |
10/2/2020 |
|
|
|
Total FHLB Advances |
|
$ |
780,000 |
|
|
|
|
|
|
|
|
|
Subordinated Debt(4)(5) |
|
|
|
|
|
|
|
|
|
|
|
|
2025 Subordinated Debt |
|
$ |
8,500 |
|
- |
% |
6.75 |
% |
6/30/2025 |
|
|
|
2026 Subordinated Debt(6) |
|
|
150,000 |
|
- |
% |
5.00 |
% |
12/15/2026 |
|
|
|
Total Subordinated Debt |
|
$ |
158,500 |
|
|
|
|
|
|
|
|
|
Fair Value Premium (Discount)(7) |
|
|
(16,164) |
|
|
|
|
|
|
|
|
|
Investment in Trust Preferred Capital Securities |
|
|
4,659 |
|
|
|
|
|
|
|
|
|
Total Long-term Borrowings |
|
$ |
1,077,495 |
|
|
|
|
|
|
|
|
|
| (1) |
Rate as of December 31, 2019. 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) |
Convertible Flippers have interest rate floors of 0%.
|
| (4) |
The remaining issuance discount as of December 31, 2019 is $1.4 million.
|
| (5) |
Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes. |
| (6) |
Fixed-to-floating rate notes. On December 15, 2021, the interest rate will change to a floating rate of LIBOR plus 3.175% through its maturity date.
|
| (7) |
Includes discount on issued subordinated notes. |
|
| Contractual Maturities of Long-Term Debt |
As of September 30, 2020, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred |
|
|
|
|
|
|
|
Fair Value |
|
Total |
|
|
Capital |
|
Subordinated |
|
PPPLF |
|
FHLB |
|
Premium |
|
Long-term |
|
|
Notes |
|
Debt |
|
Advances |
|
Advances |
|
(Discount) (1) |
|
Borrowings |
For the remaining three months of 2020 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
10,000 |
|
$ |
(238) |
|
$ |
9,762 |
2021 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,008) |
|
|
(1,008) |
2022 |
|
|
— |
|
|
— |
|
|
189,945 |
|
|
— |
|
|
(1,030) |
|
|
188,915 |
2023 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,053) |
|
|
(1,053) |
2024 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,078) |
|
|
(1,078) |
Thereafter |
|
|
155,159 |
|
|
158,500 |
|
|
— |
|
|
550,000 |
|
|
(11,161) |
|
|
852,498 |
Total long-term borrowings |
|
$ |
155,159 |
|
$ |
158,500 |
|
$ |
189,945 |
|
$ |
560,000 |
|
$ |
(15,568) |
|
$ |
1,048,036 |
| (1) |
Includes discount on issued subordinated notes. |
|