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Borrowings | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS Short-term Borrowings Short-term borrowings at December 31, 2019 and 2018 are as follows:
(Dollars in thousands) | 2019 |  | 2018
Securities sold under customer repurchase agreements | $ | 442,956 |  |  | $ | 543,936 |
Notes payable to FHLB of Atlanta | 255,000 |  |  | 28,500 |
Other short-term debt | 40,277 |  |  | — |
Unamortized purchase accounting adjustments(1) | — |  |  | (149 | )
Total short-term borrowings | $ | 738,233 |  |  | $ | 572,287 |
(1)At December 31, 2018, unamortized purchase accounting adjustments were $149 thousand for FHLB borrowings. At December 31, 2019, BancShares had unused credit lines allowing contingent access to overnight borrowings of up to $582.7 million on an unsecured basis. Additionally, under borrowing arrangements with the FRB of Richmond and FHLB of Atlanta, BancShares has access to an additional $8.99 billion on a secured basis. Repurchase Agreements BancShares utilizes securities sold under agreements to repurchase to facilitate the needs of customers and secure wholesale funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price and interest rate. These agreements are recorded at the amount of cash received in connection with the transaction and are reflected as securities sold under customer repurchase agreements. BancShares monitors collateral levels on a continuous basis and maintains records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with repurchase agreements is market risk associated with the investments securing the transactions, as additional collateral may be required based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with safekeeping agents. The carrying value of available for sale investment securities pledged as collateral under repurchase agreements was $477.6 million and $598.6 million at December 31, 2019 and December 31, 2018, respectively. BancShares held securities sold under agreements to repurchase of $443.0 million at December 31, 2019, with overnight and continuous remaining contractual maturities collateralized by government agency securities and $543.9 million at December 31, 2018, with overnight and continuous remaining contractual maturities collateralized by U.S Treasury securities. Long-term Borrowings Long-term borrowings at December 31, 2019 and 2018 include:
(Dollars in thousands) | 2019 |  | 2018
Junior subordinated debenture at 3-month LIBOR plus 1.75% maturing June 30, 2036 | $ | 88,145 |  |  | $ | 88,145 |
Junior subordinated debenture at 3-month LIBOR plus 2.25% maturing June 15, 2034 | 19,588 |  |  | 19,588 |
Junior subordinated debenture at 3-month LIBOR plus 2.85% maturing April 7, 2034 | 10,310 |  |  | 10,310 |
Junior subordinated debenture at 3-month LIBOR plus 2.00% maturing July 7, 2036 | — |  |  | 4,124 |
Junior subordinated debentures at 3-month LIBOR plus 2.80% maturing March 30, 2034 | 14,433 |  |  | — |
Junior subordinated debentures at 7.00% maturing December 31, 2026 | 20,000 |  |  | 20,000 |
Junior subordinated debentures at 6.50% maturing October 1, 2025 | 7,500 |  |  | — |
Junior subordinated debentures at 7.13% maturing February 25, 2025 | 5,000 |  |  | — |
Obligations under capitalized leases extending to December 2050 | 8,230 |  |  | 13,160 |
Notes payable to FHLBs of Atlanta and Chicago with rates ranging from 0.75% to 3.17% and maturing through March 2032 | 317,191 |  |  | 165,205 |
Unsecured term loan at 1-month LIBOR plus 1.10% maturing September 5, 2022 | 96,425 |  |  | — |
Unamortized purchase accounting adjustments(1) | (1,569 | ) |  | (1,426 | )
Other long-term debt | 3,385 |  |  | 761 |
Total long-term obligations | $ | 588,638 |  |  | $ | 319,867 |
(1) At December 31, 2019, unamortized purchase accounting adjustments were $1.6 million for subordinated debentures and $6 thousand for FHLB advances. At December 31, 2018, unamortized purchase accounting adjustments were $1.4 million for subordinated debentures. At December 31, 2019 and 2018, BancShares recorded $132.5 million and $122.2 million, respectively, in junior subordinated debentures representing obligations to FCB/NC Capital Trust III, FCB/SC Capital Trust II, SCB Capital Trust I, CCBI Capital Trust I and Macon Capital Trust I special purpose entities and grantor trusts (“the Trusts”) for trust preferred securities. The Trusts had outstanding trust preferred securities of $128.5 million and $118.5 million at December 31, 2019 and 2018, respectively, which mature in 2036, 2034, 2034, 2036 and 2034, respectively, and may be redeemed at par in whole or in part at any time. BancShares has guaranteed all obligations of its subsidiaries, FCB Capital Trust III and FCB/SC Capital Trust II. FCB has guaranteed all obligations of its trust subsidiaries, SCB Capital Trust I, CCBI Capital Trust I and Macon Capital Trust I. Macon Capital Trust I was acquired from Entegra during the fourth quarter of 2019 and has a related obligation of $14.4 million. CCBI Capital Trust I was acquired from Capital Commerce during the fourth quarter of 2018 and was fully redeemed, in whole, during 2019. Long-term obligations included $32.5 million and $20.0 million at December 31, 2019 and 2018, respectively, of junior subordinated debentures maturing through 2026, assumed in the Biscayne Bancshares and HomeBancorp acquisitions. Long-term borrowings maturing in each of the five years subsequent to December 31, 2019 and thereafter include:
| Year ended December 31
2020 | $ | 61,995 |
2021 | 13,332 |
2022 | 114,138 |
2023 | 125,500 |
2024 | 6,526 |
Thereafter | 267,147 |
Total long-term borrowings | $ | 588,638 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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