Quarterly report pursuant to Section 13 or 15(d)

BORROWINGS (Tables)

v3.20.2
BORROWINGS (Tables)
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
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.