Other Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

The Company’s other borrowings were as follows:


				2022								2021
								Weighted								Weighted
		Interest						Average		Interest						Average
		Rate at				Average		Interest		Rate at				Average		Interest
(Dollars in thousands)	Maturity	12/31/2022		Balance		Balance		Rate		12/31/2021		Balance		Balance		Rate
Short-term borrowings:
FHLB Advances	Various	—	%	$	—					—	%	$	—
FRB Borrowings	Various	—	%		—					—	%		—
US Bank Line of Credit	Daily	—	%		—					—	%		—
Total short-term borrowings		—	%	$	—	$	10,959	5.22	%	—	%	$	—	$	1,986	2.22	%

Long-term borrowings
SCBT Capital Trust I junior subordinated debt⁽¹⁾	6/15/2035	6.56	%	$	12,372					1.99	%	$	12,372
SCBT Capital Trust II junior subordinated debt⁽¹⁾	6/15/2035	6.56	%		8,248					1.99	%		8,248
SCBT Capital Trust III junior subordinated debt⁽¹⁾	7/18/2035	6.36	%		20,619					1.79	%		20,619
SAVB Capital Trust I junior subordinated debt⁽¹⁾	10/7/2033	6.93	%		6,186					2.97	%		6,186
SAVB Capital Trust II junior subordinated debt⁽¹⁾	12/15/2034	6.97	%		4,124					2.40	%		4,124
TSB Statutory Trust I junior subordinated debt⁽¹⁾	3/14/2037	6.49	%		3,093					1.92	%		3,093
Southeastern Bank Financial Statutory Trust I junior subordinated debt⁽¹⁾	12/15/2035	6.17	%		10,310					1.60	%		10,310
Southeastern Bank Financial Statutory Trust II junior subordinated debt⁽¹⁾	6/15/2036	6.17	%		10,310					1.60	%		10,310
CSBC Statutory Trust I junior subordinated debt⁽¹⁾	12/15/2035	6.34	%		15,464					1.77	%		15,464
Community Capital Statutory Trust I junior subordinated debt⁽¹⁾	6/15/2036	6.32	%		10,310					1.75	%		10,310
FCRV Statutory Trust I junior subordinated debt⁽¹⁾	12/15/2036	6.47	%		5,155					1.90	%		5,155
Provident Community Bancshares Capital Trust I junior subordinated debt⁽¹⁾	3/1/2037	5.48	%		4,124					1.87	%		4,124
Provident Community Bancshares Capital Trust II junior subordinated debt⁽¹⁾	10/1/2036	6.50	%		8,248					1.91	%		8,248
Fair Market Value Discount Trust Preferred Debt Acquired					(1,162)								(1,398)
Total Junior Subordinated Debt		6.39	%		117,401		117,277	3.49	%	1.89	%		117,165		130,048	1.97	%

Landmark Bancshares subordinated debt⁽²⁾	6/30/2027	—	%		—					6.50	%		13,000
CenterState Bank Corporation subordinated debt⁽³⁾	6/1/2030	5.75	%		200,000					5.75	%		200,000
Atlantic Capital Bancshares, Inc. subordinated debt⁽⁴⁾	9/1/2030	5.50	%		75,000					—	%		—
Fair Market Value Premium subordinated debt acquired					2,604								—
Long-term subordinated debt costs					(2,730)								(3,099)
Total Subordinated Debt		5.68	%		274,874		268,877	5.70	%	5.80	%		209,901		222,765	5.81	%

Total long-term borrowings		5.89	%	$	392,275	$	386,154	5.03	%	4.40	%	$	327,066	$	352,813	4.36	%

Total borrowings		5.89	%	$	392,275	$	397,113	5.03	%	4.40	%	$	327,066	$	354,799	4.35	%

(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 bore interest at a fixed rate of 6.5% per year, to, but excluding, June 30, 2022. On June 30, 2022, the Notes were set to convert to a floating rate equal to three-month LIBOR plus 467 basis points. The Notes were redeemed by the Company on June 30, 2022.

(3) 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 is net of debt issuance costs.

(4) The Notes bear interest at a fixed rate of 5.50% per year, from, and including, August 20, 2020, to, but excluding, September 1, 2025. On September 1, 2025, the Notes convert to a floating rate equal to three-month LIBOR plus 536 basis points. The Notes may be redeemed by the Company on or after September 1, 2025. These notes were acquired in the ACBI acquisition on March 1, 2022 and are net of the fair value discount noted in the table above.

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


	Junior
	Subordinated		Subordinated
(Dollars in thousands)	Debt		Debt		Total
Year Ended December 31,
2023	$	—	$	—	$	—
2024		—		—		—
2025		—		—		—
2026		—		—		—
2027		—		—		—
Thereafter		117,401		274,874		392,275
	$	117,401	$	274,874	$	392,275

- 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