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Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events

Subsequent Events

Note 22 — Subsequent Events

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On April 28, 2021, the Company announced it received approval from its Board of Directors to redeem $25.0 million of subordinated notes (“Subordinated Note”) and $38.5 million of trust preferred securities (“Trust Preferred Securities”) as outlined in the table below. The Company also received regulatory approval from the Federal Reserve Bank of Atlanta to redeem the Subordinated Note and Trust Preferred Securities. The Company has delivered or will cause to deliver redemption notices to all trustees (“Trustees”) and will redeem the Subordinated Note and Trust Preferred Securities at a cash redemption price (“Redemption Price”) equal to the principal amount of the outstanding debentures and common securities, if applicable, plus accrued and unpaid interest, if any, to the redemptions dates (“Redemption Dates”) noted in the table below. Upon completion of the redemptions, no notes will be outstanding as it relates to the Subordinated Note and Trust Preferred Securities. The redemption of the Subordinated Note and Trust Preferred Securities will result in a reduction of Tier 2 capital of $63.5 million during the second quarter 2021. The redemption will accelerate approximately $11.0 million of unamortized fair value discount related to the Trust Preferred Securities.

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Payment of the Redemption Price will be made on the Redemption Dates only upon presentation and surrender of the Subordinated Note and Trust Preferred Securities to the Trustees. Interest on the Subordinated Note and Trust Preferred Securities called for redemption will cease to accrue on and after the Redemption Dates. Notice of redemption will be sent to the registered holders of the Subordinated Note and Trust Preferred Securities.

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​	​	​	​	​	​	​	​	​	​	​	​
​	​	Original	​	Common	​	​	​	Original Issuance	​	Redemption	​
Debt Instrument ($ in thousands)	​	Principal	​	Securities	​	Trustee	​	Date	​	Date	​
National Commerce Corp 6.0% Fixed-to-Floating Rate Subordinated Note	​	$ 25,000	​	N/A	​	The Bank of New York Mellon Trust Company, N.A.	​	5/19/2016	​	6/1/2021	​
Gulfstream Bancshares Capital Trust II	​	3,000	​	$ 93	​	Wilmington Trust Company	​	12/28/2006	​	6/6/2021	​
Valrico Capital Statutory Trust	​	2,500	​	77	​	Wells Fargo Bank, National Association	​	5/20/2004	​	6/8/2021	​
BSA Financial Statutory Trust I	​	5,000	​	155	​	U.S. Bank National Association	​	10/28/2005	​	6/15/2021	​
MRCB Statutory Trust II	​	3,000	​	93	​	U.S. Bank National Association	​	6/28/2006	​	6/15/2021	​
Federal Trust Statutory Trust I	​	5,000	​	155	​	U.S. Bank National Association	​	9/17/2003	​	6/17/2021	​
CenterState Banks of Florida Statutory Trust I	​	10,000	​	310	​	U.S. Bank National Association	​	9/22/2003	​	6/22/2021	​
Homestead Statutory Trust I	​	10,000	​	495	​	Wilmington Trust Company	​	7/17/2006	​	7/1/2021	​
Total	​	$ 63,500	​	$ 1,378	​	​	​	​	​	​	​

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- References

No definition available.

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- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 855
-URI http://asc.fasb.org/topic&trid=2122774

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 855
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662

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