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v3.20.2

BORROWINGS (Tables) | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Short-Term Borrowings | Total short-term borrowings consist of the following as of June 30, 2020 and December 31, 2019 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, | ​ | December 31, |
​ | ​ | 2020 | ​ | 2019 |
Securities sold under agreements to repurchase | ​ | $ | 77,216 | ​ | $ | 66,053 | ​
Federal Funds Purchased | ​ | ​ | — | ​ | ​ | — | ​
FHLB advances | ​ |  | — | ​ |  | 370,200 | ​
Total short-term borrowings | ​ | $ | 77,216 | ​ | $ | 436,253 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average outstanding balance during the period | ​ | $ | 272,470 | ​ | $ | 673,116 | ​
Average interest rate (during the period) | ​ |  | 1.13 | % |  | 2.30 | %
Average interest rate at end of period | ​ |  | 0.32 | % |  | 1.52 | %
Trust Preferred Capital Notes Qualify for Tier 2 Capital | ​ The trust preferred capital notes currently qualify for Tier 2 capital of the Company for regulatory purposes. The Company’s trust preferred capital notes consist of the following as of June 30, 2020:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Trust |  | ​ | ​ |  | ​ |  | ​ |  | ​
​ | ​ | Preferred | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Capital | ​ | ​ | ​ | ​ | Spread to | ​ | ​ | ​ | ​
​ | ​ | Securities (1) | ​ | Investment (1) | ​ | 3-Month LIBOR | ​ | Rate (2) | ​ | Maturity
Trust Preferred Capital Note - Statutory Trust I | ​ | $ | 22,500 | ​ | $ | 696 |  | 2.75 | % | 3.05 | % | 6/17/2034
Trust Preferred Capital Note - Statutory Trust II | ​ |  | 36,000 | ​ |  | 1,114 |  | 1.40 | % | 1.70 | % | 6/15/2036
VFG Limited Liability Trust I Indenture | ​ |  | 20,000 | ​ |  | 619 |  | 2.73 | % | 3.03 | % | 3/18/2034
FNB Statutory Trust II Indenture | ​ |  | 12,000 | ​ |  | 372 |  | 3.10 | % | 3.40 | % | 6/26/2033
Gateway Capital Statutory Trust I | ​ |  | 8,000 | ​ |  | 248 |  | 3.10 | % | 3.40 | % | 9/17/2033
Gateway Capital Statutory Trust II | ​ |  | 7,000 | ​ |  | 217 |  | 2.65 | % | 2.95 | % | 6/17/2034
Gateway Capital Statutory Trust III | ​ |  | 15,000 | ​ |  | 464 |  | 1.50 | % | 1.80 | % | 5/30/2036
Gateway Capital Statutory Trust IV | ​ |  | 25,000 | ​ |  | 774 |  | 1.55 | % | 1.85 | % | 7/30/2037
MFC Capital Trust II | ​ |  | 5,000 | ​ |  | 155 |  | 2.85 | % | 3.15 | % | 1/23/2034
Total | ​ | $ | 150,500 | ​ | $ | 4,659 |  |  |  |  |  |
(1) | The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other Assets" on the Company’s Consolidated Balance Sheets.
(2) | Rate as of June 30, 2020.
Advances from the FHLB | As of June 30, 2020, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Spread to |  | ​ |  | ​ |  | ​ | ​
​ | ​ | 3-Month | ​ | Interest | ​ | ​ | ​ | ​ | ​
Long-term Type | ​ | LIBOR | ​ | Rate (1)(2) | ​ | Maturity Date | ​ | Advance Amount
Convertible Flipper |  | (0.75) | % | — | % | 8/17/2029 | ​ | $ | 50,000
Convertible Flipper |  | (0.75) | % | — | % | 5/22/2029 | ​ |  | 150,000
Convertible Flipper |  | (0.75) | % | — | % | 5/30/2029 | ​ |  | 50,000
Convertible Flipper | ​ | (0.75) | % | — | % | 6/21/2029 | ​ | ​ | 100,000
Fixed Rate Convertible | ​ | - | ​ | 1.78 | % | 10/26/2028 | ​ | ​ | 200,000
Fixed Rate Credit | ​ | - | ​ | 1.54 | % | 10/2/2020 | ​ | ​ | 10,000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 560,000
(1) | Interest rates calculated using non-rounded numbers.
(2) | Convertible Flippers have interest rate floor of 0%
As of December 31, 2019, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Spread to |  | ​ |  | ​ |  | ​ | ​
​ | ​ | 3-Month | ​ | Interest | ​ | ​ | ​ | ​ | ​
Long-term Type | ​ | LIBOR | ​ | Rate (1)(2) | ​ | Maturity Date | ​ | Advance Amount | ​
Convertible Flipper |  | (0.75) | % | 1.16 | % | 8/17/2029 | ​ | $ | 50,000
Convertible Flipper |  | (0.50) | % | 1.41 | % | 5/15/2024 | ​ |  | 200,000
Convertible Flipper |  | (0.75) | % | 1.16 | % | 5/22/2029 | ​ |  | 150,000
Convertible Flipper |  | (0.75) | % | 1.16 | % | 5/30/2029 | ​ |  | 50,000
Convertible Flipper |  | (0.75) | % | 1.16 | % | 6/21/2029 | ​ |  | 100,000
Fixed Rate Convertible |  | - | ​ | 1.78 | % | 10/26/2028 | ​ |  | 200,000
Fixed Rate Hybrid |  | - | ​ | 1.58 | % | 5/18/2020 | ​ |  | 20,000
Fixed Rate Credit | ​ | - | ​ | 1.54 | % | 10/2/2020 | ​ | ​ | 10,000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 780,000
(1) | Interest rates calculated using non-rounded numbers.
(2) | Convertible Flippers have interest rate floor of 0%
​
Contractual Maturities of Long-Term Debt | As of June 30, 2020, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Trust |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ | ​ | Preferred | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Fair Value | ​ | ​ | ​
​ | ​ | Capital | ​ | Subordinated | ​ | PPPLF | ​ | FHLB | ​ | Premium | ​ | Total Long-term
​ | ​ | Notes | ​ | Debt | ​ | Advances | ​ | Advances | ​ | (Discount) (1) | ​ | Borrowings
For the remaining six months of 2020 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 10,000 | ​ | $ | (456) | ​ | $ | 9,544
2021 | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | — | ​ |  | (1,008) | ​ |  | (1,008)
2022 | ​ |  | — | ​ |  | — | ​ | ​ | 189,941 | ​ |  | — | ​ |  | (1,030) | ​ |  | 188,911
2023 | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | — | ​ |  | (1,053) | ​ |  | (1,053)
2024 | ​ |  | — | ​ |  | — | ​ | ​ | — | ​ |  | — | ​ |  | (1,078) | ​ |  | (1,078)
Thereafter | ​ |  | 155,159 | ​ |  | 158,500 | ​ | ​ | — | ​ |  | 550,000 | ​ |  | (11,161) | ​ |  | 852,498
Total long-term borrowings | ​ | $ | 155,159 | ​ | $ | 158,500 | ​ | $ | 189,941 | ​ | $ | 560,000 | ​ | $ | (15,786) | ​ | $ | 1,047,814
(1) | Includes discount on issued subordinated notes.
​

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