BORROWINGS (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
|---|
| Debt Disclosure [Abstract] |
|
| Short-Term Borrowings |
Total short-term borrowings consist of the following as of September 30, 2018 and December 31, 2017 (dollars in thousands):
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September 30,
2018 |
|
December 31,
2017 |
Securities sold under agreements to repurchase |
$ |
40,624 |
|
|
$ |
49,152 |
|
Federal funds purchased |
90,000 |
|
|
— |
|
FHLB |
926,250 |
|
|
745,000 |
|
Total short-term borrowings |
$ |
1,056,874 |
|
|
$ |
794,152 |
|
|
|
|
|
Maximum month-end outstanding balance |
$ |
1,056,874 |
|
|
$ |
794,152 |
|
Average outstanding balance during the period |
972,224 |
|
|
602,553 |
|
Average interest rate (during the period) |
1.76 |
% |
|
1.00 |
% |
Average interest rate at end of period |
2.10 |
% |
|
1.32 |
% |
|
| 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. Our trust preferred capital notes consist of the following as of September 30, 2018:
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Trust
Preferred
Capital
Securities (1)
|
|
Investment (1)
|
|
Spread to
3-Month LIBOR
|
|
Rate (2)
|
|
Maturity |
Trust Preferred Capital Note - Statutory Trust I |
$ |
22,500,000 |
|
|
$ |
696,000 |
|
|
2.75 |
% |
|
5.15 |
% |
|
6/17/2034 |
Trust Preferred Capital Note - Statutory Trust II |
36,000,000 |
|
|
1,114,000 |
|
|
1.40 |
% |
|
3.80 |
% |
|
6/15/2036 |
VFG Limited Liability Trust I Indenture |
20,000,000 |
|
|
619,000 |
|
|
2.73 |
% |
|
5.13 |
% |
|
3/18/2034 |
FNB Statutory Trust II Indenture |
12,000,000 |
|
|
372,000 |
|
|
3.10 |
% |
|
5.50 |
% |
|
6/26/2033 |
Gateway Capital Statutory Trust I |
8,000,000 |
|
|
248,000 |
|
|
3.10 |
% |
|
5.50 |
% |
|
9/17/2033 |
Gateway Capital Statutory Trust II |
7,000,000 |
|
|
217,000 |
|
|
2.65 |
% |
|
5.05 |
% |
|
6/17/2034 |
Gateway Capital Statutory Trust III |
15,000,000 |
|
|
464,000 |
|
|
1.50 |
% |
|
3.90 |
% |
|
5/30/2036 |
Gateway Capital Statutory Trust IV |
25,000,000 |
|
|
774,000 |
|
|
1.55 |
% |
|
3.95 |
% |
|
7/30/2037 |
Total |
$ |
145,500,000 |
|
|
$ |
4,504,000 |
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(1) 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.
(2) Rate as of September 30, 2018.
|
| Advances from the FHLB |
As of September 30, 2018, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands):
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Long-term Type |
|
Spread to
3-Month LIBOR
|
|
Interest Rate (1)
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|
Maturity Date |
|
Advance Amount |
Adjustable Rate Credit |
|
0.44 |
% |
|
2.84 |
% |
|
8/23/2022 |
|
$ |
55,000 |
|
Adjustable Rate Credit |
|
0.45 |
% |
|
2.85 |
% |
|
11/23/2022 |
|
65,000 |
|
Adjustable Rate Credit |
|
0.45 |
% |
|
2.85 |
% |
|
11/23/2022 |
|
10,000 |
|
Adjustable Rate Credit |
|
0.45 |
% |
|
2.85 |
% |
|
11/23/2022 |
|
10,000 |
|
Fixed Rate Hybrid |
|
— |
|
|
0.99 |
% |
|
10/19/2018 |
|
30,000 |
|
Fixed Rate Hybrid |
|
— |
|
|
2.37 |
% |
|
10/10/2019 |
|
25,000 |
|
Fixed Rate Hybrid |
|
— |
|
|
1.58 |
% |
|
5/18/2020 |
|
20,000 |
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|
$ |
215,000 |
|
(1) Interest rates calculated using non-rounded numbers.
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As of December 31, 2017, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands):
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|
Long-term Type |
|
Spread to
3-Month LIBOR
|
|
Interest Rate (1)
|
|
Maturity Date |
|
Advance Amount |
|
|
|
|
|
|
|
|
|
Adjustable Rate Credit |
|
0.44 |
% |
|
2.13 |
% |
|
8/23/2022 |
|
$ |
55,000 |
|
Adjustable Rate Credit |
|
0.45 |
% |
|
2.15 |
% |
|
11/23/2022 |
|
65,000 |
|
Adjustable Rate Credit |
|
0.45 |
% |
|
2.15 |
% |
|
11/23/2022 |
|
10,000 |
|
Adjustable Rate Credit |
|
0.45 |
% |
|
2.15 |
% |
|
11/23/2022 |
|
10,000 |
|
Fixed Rate |
|
— |
|
|
3.75 |
% |
|
7/30/2018 |
|
5,000 |
|
Fixed Rate |
|
— |
|
|
3.97 |
% |
|
7/30/2018 |
|
5,000 |
|
Fixed Rate Hybrid |
|
— |
|
|
0.99 |
% |
|
10/19/2018 |
|
30,000 |
|
Fixed Rate Hybrid |
|
— |
|
|
1.58 |
% |
|
5/18/2020 |
|
20,000 |
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$ |
200,000 |
|
(1) Interest rates calculated using non-rounded numbers.
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| Contractual Maturities of Long-Term Debt |
As of September 30, 2018, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
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Trust
Preferred
Capital
Notes
|
|
Subordinated
Debt
|
|
FHLB
Advances
|
|
Fair Value
Premium
(Discount) (1)
|
|
Prepayment
Penalty
|
|
Total Long-term
Borrowings
|
For the remaining three months of 2018 |
$ |
— |
|
|
$ |
— |
|
|
$ |
30,000 |
|
|
$ |
(212 |
) |
|
$ |
(501 |
) |
|
$ |
29,287 |
|
2019 |
— |
|
|
— |
|
|
25,000 |
|
|
(862 |
) |
|
(2,018 |
) |
|
22,120 |
|
2020 |
— |
|
|
— |
|
|
20,000 |
|
|
(936 |
) |
|
(2,074 |
) |
|
16,990 |
|
2021 |
— |
|
|
— |
|
|
— |
|
|
(1,006 |
) |
|
(2,119 |
) |
|
(3,125 |
) |
2022 |
— |
|
|
— |
|
|
140,000 |
|
|
(1,029 |
) |
|
(1,707 |
) |
|
137,264 |
|
Thereafter |
150,004 |
|
|
158,500 |
|
|
— |
|
|
(13,272 |
) |
|
— |
|
|
295,232 |
|
Total long-term borrowings |
$ |
150,004 |
|
|
$ |
158,500 |
|
|
$ |
215,000 |
|
|
$ |
(17,317 |
) |
|
$ |
(8,419 |
) |
|
$ |
497,768 |
|
(1) Includes discount on issued subordinated notes.
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