Other Borrowings (Tables)

12 Months Ended

Dec. 31, 2020

The Company’s other borrowings were as follows:


				2020								2019
								Weighted								Weighted
		Interest						Average		Interest						Average
		Rate at				Average		Interest		Rate at				Average		Interest
(Dollars in thousands)	Maturity	12/31/2020		Balance		Balance		Rate		12/31/2019		Balance		Balance		Rate
Short-term borrowings:
Federal Home Loan Bank Fixed Rate Credit	3/4/2020	—	%	$	—					1.75	%	$	200,000
Federal Home Loan Bank Fixed Rate Credit	3/19/2020	—	%		—					1.73	%		350,000
Federal Home Loan Bank Fixed Rate Credit	3/30/2020	—	%		—					1.72	%		150,000
Total short-term borrowings		—	%		—	$	745,939	0.63	%	1.73	%		700,000	$	538,627	2.35	%

Long-term borrowings
SCBT Capital Trust I junior subordinated debt⁽¹⁾	6/15/2035	2.01	%		12,372					3.68	%		12,372
SCBT Capital Trust II junior subordinated debt⁽¹⁾	6/15/2035	2.01	%		8,248					3.68	%		8,248
SCBT Capital Trust III junior subordinated debt⁽¹⁾	7/18/2035	1.81	%		20,619					3.48	%		20,619
SAVB Capital Trust I junior subordinated debt⁽¹⁾	10/7/2033	3.09	%		6,186					4.84	%		6,186
SAVB Capital Trust II junior subordinated debt⁽¹⁾	12/15/2034	2.42	%		4,124					4.09	%		4,124
TSB Statutory Trust I junior subordinated debt⁽¹⁾	3/14/2037	1.94	%		3,093					3.61	%		3,093
Southeastern Bank Financial Statutory Trust I junior subordinated debt⁽¹⁾	12/15/2035	1.62	%		10,310					3.29	%		10,310
Southeastern Bank Financial Statutory Trust II junior subordinated debt⁽¹⁾	6/15/2036	1.62	%		10,310					3.29	%		10,310
CSBC Statutory Trust I junior subordinated debt⁽¹⁾	12/15/2035	1.79	%		15,464					3.46	%		15,464
Community Capital Statutory Trust I junior subordinated debt⁽¹⁾	6/15/2036	1.77	%		10,310					3.44	%		10,310
FCRV Statutory Trust I junior subordinated debt⁽¹⁾	12/15/2036	1.92	%		5,155					3.59	%		5,155
Provident Community Bancshares Capital Trust I junior subordinated debt⁽¹⁾	3/1/2037	1.97	%		4,124					3.84	%		4,124
Provident Community Bancshares Capital Trust II junior subordinated debt⁽¹⁾	10/1/2036	1.97	%		8,248					3.65	%		8,248
CenterState Banks of Florida Statutory Trust I junior subordinated debt⁽¹⁾	9/22/2033	3.30	%		10,310					—	%		—
Valrico Capital Statutory Trust junior subordinated debt⁽¹⁾	9/8/2034	2.93	%		2,577					—	%		—
Federal Trust Statutory Trust I junior subordinated debt⁽¹⁾	9/17/2033	3.18	%		5,155					—	%		—
Gulfstream Bancshares Capital Trust II junior subordinated debt⁽¹⁾	3/6/2037	1.93	%		3,093					—	%		—
Homestead Statutory Trust I junior subordinated debt⁽¹⁾	10/1/2036	1.88	%		10,495					—	%		—
BSA Financial Statutory Trust I junior subordinated debt⁽¹⁾	12/15/2035	1.77	%		5,155					—	%		—
MRCB Statutory Trust II junior subordinated debt⁽¹⁾	9/15/2036	1.82	%		3,093					—	%		—
Fair Market Value Discount Trust Preferred Debt Acquired					(14,116)								(2,730)
Total Junior Subordinated Debt		2.05	%		144,325		131,817	2.51	%	3.60	%		115,833		115,490	4.20	%

Residential Warranty Corp. subordinated note⁽⁵⁾	4/15/2021	5.00	%		7,000					—	%		—
Messiah College subordinated note⁽⁵⁾	4/15/2021	5.00	%		4,000					—	%		—
National Bank of Commerce subordinated debt⁽²⁾	6/1/2026	6.00	%		25,000					—	%		—
Landmark Bancshares subordinated debt⁽³⁾	6/30/2027	6.50	%		13,000					—	%		—
CenterState Bank Corporation subordinated debt⁽⁴⁾	6/1/2030	5.75	%		200,000					—	%		—
Long-term subordinated debt costs					(3,146)								—
Total Subordinated Debt		5.78	%		245,854		139,584	5.69	%	—	%		—		—	—	%

Other Long Term Debt	Various	—	%		—		92	0.50	%	0.50	%		103		636	6.02	%

Total long-term borrowings		4.40	%		390,179		271,493	3.60	%	3.60	%		115,936		116,126	3.60	%

Total borrowings		4.40	%	$	390,179	$	1,017,432	1.58	%	2.00	%	$	815,936	$	654,753	2.57	%

(1) All of the junior subordinated debt above is adjustable rate based on three-month LIBOR plus a spread ranging from 140 bps to 305 bps.

(2) The Notes bear interest at a fixed rate of 6.0% per year, from, and including, May 19, 2016, to, but excluding, June 1, 2021. On June 1, 2021, the Notes convert to a floating rate equal to three-month LIBOR plus 479 bps. The Notes may be redeemed by the Company after June 1, 2021.

(3) The Notes bear interest at a fixed rate of 6.5% per year, to, but excluding, June 30, 2022. On June 30, 2022, the Notes convert to a floating rate equal to three-month LIBOR plus 467 bps. The Notes may be redeemed by the Company after June 30, 2022.

(4) The $200 million in Notes bear interest at a fixed rate of 5.75% per year, to, but excluding, June 1, 2025. On June 1, 2025, the Notes convert to a floating rate equal to SOFR plus 562 bps. The Notes may be redeemed by the Company after June 1, 2025. The carrying balance of this debt is $196.9 million when netted against debt issuance costs of $3.1 million.

(5) These subordinated notes are not classified as Tier 2 Capital for regulatory capital purposes.

Summary of principal maturities of other borrowings


	Junior
	Subordinated		FHLB		Subordinated
(Dollars in thousands)	Debt		Advances		Debt		Total
Year Ended December 31,
2021	$	—	$	—	$	11,000	$	11,000
2022		—		—		—		—
2023		—		—		—		—
2024		—		—		—		—
2025		—		—		—		—
Thereafter		144,325		—		234,854		379,179
	$	144,325	$	—	$	245,854	$	390,179

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details