Other Borrowings (Tables)

12 Months Ended

Dec. 31, 2021

The Company’s other borrowings were as follows:


				2021								2020
								Weighted								Weighted
		Interest						Average		Interest						Average
		Rate at				Average		Interest		Rate at				Average		Interest
(Dollars in thousands)	Maturity	12/31/2021		Balance		Balance		Rate		12/31/2020		Balance		Balance		Rate
Short-term borrowings:
FHLB Advances	Various	—	%	$	—					—	%	$	—
FRB Borrowings	Various	—	%		—					—	%		—
US Bank Line of Credit	Daily	—	%		—					—	%		—
Total short-term borrowings		—	%	$	—	$	1,986	2.22	%	—	%	$	—	$	745,939	0.63	%

Long-term borrowings
SCBT Capital Trust I junior subordinated debt⁽¹⁾	6/15/2035	1.99	%	$	12,372					2.01	%	$	12,372
SCBT Capital Trust II junior subordinated debt⁽¹⁾	6/15/2035	1.99	%		8,248					2.01	%		8,248
SCBT Capital Trust III junior subordinated debt⁽¹⁾	7/18/2035	1.79	%		20,619					1.81	%		20,619
SAVB Capital Trust I junior subordinated debt⁽¹⁾	10/7/2033	2.97	%		6,186					3.09	%		6,186
SAVB Capital Trust II junior subordinated debt⁽¹⁾	12/15/2034	2.40	%		4,124					2.42	%		4,124
TSB Statutory Trust I junior subordinated debt⁽¹⁾	3/14/2037	1.92	%		3,093					1.94	%		3,093
Southeastern Bank Financial Statutory Trust I junior subordinated debt⁽¹⁾	12/15/2035	1.60	%		10,310					1.62	%		10,310
Southeastern Bank Financial Statutory Trust II junior subordinated debt⁽¹⁾	6/15/2036	1.60	%		10,310					1.62	%		10,310
CSBC Statutory Trust I junior subordinated debt⁽¹⁾	12/15/2035	1.77	%		15,464					1.79	%		15,464
Community Capital Statutory Trust I junior subordinated debt⁽¹⁾	6/15/2036	1.75	%		10,310					1.77	%		10,310
FCRV Statutory Trust I junior subordinated debt⁽¹⁾	12/15/2036	1.90	%		5,155					1.92	%		5,155
Provident Community Bancshares Capital Trust I junior subordinated debt⁽¹⁾	3/1/2037	1.87	%		4,124					1.97	%		4,124
Provident Community Bancshares Capital Trust II junior subordinated debt⁽¹⁾	10/1/2036	1.91	%		8,248					1.97	%		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					(1,398)								(14,116)
Total Junior Subordinated Debt		1.89	%		117,165		130,048	1.97	%	2.05	%		144,325		131,817	2.51	%

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					6.50	%		13,000
CenterState Bank Corporation subordinated debt⁽⁴⁾	6/1/2030	5.75	%		200,000					5.75	%		200,000
Long-term subordinated debt costs					(3,099)								(3,146)
Total Subordinated Debt		5.80	%		209,901		222,765	5.81	%	5.78	%		245,854		139,584	5.69	%

Other Long Term Debt	Various	—	%		—		—	—	%	—	%		—		92	0.50	%

Total long-term borrowings		4.40	%	$	327,066	$	352,813	4.36	%	4.40	%	$	390,179	$	271,493	3.60	%

Total borrowings		4.40	%	$	327,066	$	354,799	4.35	%	4.40	%	$	390,179	$	1,017,432	1.58	%

(1) All of the junior subordinated debt above is adjustable rate based on three-month LIBOR plus a spread ranging from 140 basis points to 285 basis points.

(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 basis points. The Notes were redeemed by the Company on 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 basis points. 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 basis points. The Notes may be redeemed by the Company after June 1, 2025. The balance in the table above at December 31, 2021 is net of debt issuance costs of $3.1 million.

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

Summary of principal maturities of other borrowings, net of unamortized discount or debt issuance costs


	Junior
	Subordinated		FHLB		Subordinated
(Dollars in thousands)	Debt		Advances		Debt		Total
Year Ended December 31,
2022	$	—	$	—	$	—	$	—
2023		—		—		—		—
2024		—		—		—		—
2025		—		—		—		—
2026		—		—		—		—
Thereafter		117,165		—		209,901		327,066
	$	117,165	$	—	$	209,901	$	327,066

- 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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