Quarterly report pursuant to Section 13 or 15(d)

BORROWINGS (Tables)

v3.24.1.u1
BORROWINGS (Tables)
3 Months Ended
Mar. 31, 2024
Borrowings [Abstract]  
Short-Term Borrowings

Total short-term borrowings consist of the following as of the periods ended (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

March 31, 

​

​

December 31, 

​

​

​

2024

​

2023

 

Securities sold under agreements to repurchase

​

$

66,405

​

$

110,833

​

Federal Funds Purchased

​

​

—

​

​

90,000

​

FHLB Advances

​

 

600,000

​

 

720,000

​

Total short-term borrowings

​

$

666,405

​

$

920,833

​

​

​

​

​

​

​

​

​

Average outstanding balance during the period

​

$

614,681

​

$

573,553

​

Average interest rate during the period

​

 

5.34

%  

 

4.73

%

Average interest rate at end of period

​

 

5.33

%  

 

5.15

%

Long-Term Borrowings

Total long-term borrowings consist of the following as of March 31, 2024 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread to

​

​

​

​

​

​

​

​

​

Principal

​

3-Month SOFR (1)

​

Rate (2)

​

Maturity

​

Investment (3)

Trust Preferred Capital Securities

​

​

​

​

​

​

​

​

​

​

​

​

Trust Preferred Capital Note – Statutory Trust I

​

$

22,500

 

2.75

%  

8.31

%  

6/17/2034

​

$

696

Trust Preferred Capital Note – Statutory Trust II

​

 

36,000

 

1.40

%  

6.96

%  

6/15/2036

​

 

1,114

VFG Limited Liability Trust I Indenture

​

 

20,000

 

2.73

%  

8.29

%  

3/18/2034

​

 

619

FNB Statutory Trust II Indenture

​

 

12,000

 

3.10

%  

8.66

%  

6/26/2033

​

 

372

Gateway Capital Statutory Trust I

​

 

8,000

 

3.10

%  

8.66

%  

9/17/2033

​

 

248

Gateway Capital Statutory Trust II

​

 

7,000

 

2.65

%  

8.21

%  

6/17/2034

​

 

217

Gateway Capital Statutory Trust III

​

 

15,000

 

1.50

%  

7.06

%  

5/30/2036

​

 

464

Gateway Capital Statutory Trust IV

​

 

25,000

 

1.55

%  

7.11

%  

7/30/2037

​

 

774

MFC Capital Trust II

​

 

5,000

 

2.85

%  

8.41

%  

1/23/2034

​

 

155

Total Trust Preferred Capital Securities

​

$

150,500

 

  

 

  

 

  

​

$

4,659

Subordinated Debt (4)

​

​

​

​

​

​

​

​

​

​

​

​

2031 Subordinated Debt

​

​

250,000

​

—

%

2.875

%

12/15/2031

​

​

​

Total Subordinated Debt (5)

​

$

250,000

​

​

​

​

​

​

​

​

​

Fair Value Discount (6)

​

​

(13,840)

​

​

​

​

​

​

​

​

​

Investment in Trust Preferred Capital Securities

​

​

4,659

​

​

​

​

​

​

​

​

​

Total Long-term Borrowings

​

$

391,319

​

​

​

​

​

​

​

​

​

(1) Three-Month CME SOFR + 0.262%.

(2) Rate as of March 31, 2024. Calculated using non-rounded numbers.

​

(3) Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets.

​

​

(4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.

(5) Fixed-to-floating rate notes. On December 15, 2026, the interest rate changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026.

​

(6) Remaining discounts of $11.4 million and $2.4 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.

​

​

Total long-term borrowings consist of the following as of December 31, 2023 (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Spread to

​

​

​

​

​

​

​

​

​

Principal

​

3-Month SOFR (1)

​

Rate (2)

​

Maturity

​

Investment (3)

Trust Preferred Capital Securities

​

​

​

​

​

​

​

​

​

​

​

​

Trust Preferred Capital Note – Statutory Trust I

​

$

22,500

​

2.75

%  

8.34

%  

6/17/2034

​

$

696

Trust Preferred Capital Note – Statutory Trust II

​

 

36,000

 

1.40

%  

6.99

%  

6/15/2036

​

 

1,114

VFG Limited Liability Trust I Indenture

​

 

20,000

 

2.73

%  

8.32

%  

3/18/2034

​

 

619

FNB Statutory Trust II Indenture

​

 

12,000

 

3.10

%  

8.69

%  

6/26/2033

​

 

372

Gateway Capital Statutory Trust I

​

 

8,000

 

3.10

%  

8.69

%  

9/17/2033

​

 

248

Gateway Capital Statutory Trust II

​

 

7,000

 

2.65

%  

8.24

%  

6/17/2034

​

 

217

Gateway Capital Statutory Trust III

​

 

15,000

 

1.50

%  

7.09

%  

5/30/2036

​

 

464

Gateway Capital Statutory Trust IV

​

 

25,000

 

1.55

%  

7.14

%  

7/30/2037

​

 

774

MFC Capital Trust II

​

 

5,000

 

2.85

%  

8.44

%  

1/23/2034

​

 

155

Total Trust Preferred Capital Securities

​

$

150,500

 

  

 

  

 

  

​

$

4,659

Subordinated Debt (4)

​

​

​

​

​

​

​

​

​

​

​

​

2031 Subordinated Debt

​

​

250,000

​

—

%

2.875

%

12/15/2031

​

​

​

Total Subordinated Debt (5)

​

$

250,000

​

​

​

​

​

​

​

​

​

Fair Value Discount (6)

​

​

(14,134)

​

​

​

​

​

​

​

​

​

Investment in Trust Preferred Capital Securities

​

​

4,659

​

​

​

​

​

​

​

​

​

Total Long-term Borrowings

​

$

391,025

​

​

​

​

​

​

​

​

​

(1) Three-Month CME SOFR + 0.262%.

(2) Rate as of December 31, 2023. Calculated using non-rounded numbers.

​

(3) Represents the junior subordinated debentures owned by the Company in trust and is reported in “Other assets” on the Company’s Consolidated Balance Sheets.

​

(4) Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.

(5) Fixed-to-floating rate notes. On December 15, 2026, the interest changes to a floating rate of the then current Three-Month Term SOFR plus a spread of 186 bps through its maturity date or earlier redemption. The notes may be redeemed before maturity on any interest payment date occurring on or after December 15, 2026.

​

(6) Remaining discounts of $11.7 million and $2.5 million on Trust Preferred Capital Securities and Subordinated Debt, respectively.

Contractual Maturities of Long-Term Debt

As of March 31, 2024, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  

Trust

  

​

  

​

  

​

​

  

Preferred

  

​

  

​

  

Total

​

  

Capital

  

Subordinated

  

Fair Value

  

 Long-term

​

  

Notes

  

Debt

  

Discount (1)

  

Borrowings

For the remaining nine months of 2024

​

$

—

​

$

—

​

$

(893)

​

$

(893)

2025

​

 

—

​

 

—

​

 

(1,211)

​

 

(1,211)

2026

​

 

—

​

 

—

​

 

(1,236)

​

 

(1,236)

2027

​

 

—

​

 

—

​

 

(1,263)

​

 

(1,263)

2028

​

​

—

​

​

—

​

​

(1,293)

​

 

(1,293)

Thereafter

​

 

155,159

​

 

250,000

​

 

(7,944)

​

 

397,215

Total long-term borrowings

​

$

155,159

​

$

250,000

​

$

(13,840)

​

$

391,319

(1) Includes discount on Trust Preferred Capital Securities and Subordinated Debt.