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BORROWINGS | 3 Months Ended
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Mar. 31, 2021
Borrowings [Abstract] |
BORROWINGS | ​ ​ 6. BORROWINGS Short-term Borrowings The Company classifies all borrowings that will mature within a year from the date on which the Company enters into them as short-term borrowings. Total short-term borrowings consist primarily of advances from the FHLB, federal funds purchased (which are secured overnight borrowings from other financial institutions), and other lines of credit. Also included in total short-term borrowings are securities sold under agreements to repurchase, which are secured transactions with customers and generally mature the day following the date sold. Total short-term borrowings consist of the following as of March 31, 2021 and December 31, 2020 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, | ​ | December 31, |
​ | ​ | 2021 | ​ | 2020 |
Securities sold under agreements to repurchase | ​ | $ | 105,522 | ​ | $ | 100,888 | ​
Federal Funds Purchased | ​ | ​ | 168,000 | ​ | ​ | 150,000 | ​
FHLB Advances | ​ |  | — | ​ |  | 100,000 | ​
Total short-term borrowings | ​ | $ | 273,522 | ​ | $ | 350,888 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Average outstanding balance during the period | ​ | $ | 149,761 | ​ | $ | 213,932 | ​
Average interest rate (during the period) | ​ |  | 0.13 | % |  | 0.79 | %
Average interest rate at end of period | ​ |  | 0.08 | % |  | 0.13 | %
​ The Bank maintains federal funds lines with several correspondent banks, the remaining available balance was $829.0 million and $847.0 million at March 31, 2021 and December 31, 2020, respectively. The Company maintains an alternate line of credit at a correspondent bank, which had an available balance of $25.0 million at both March 31, 2021 and December 31, 2020. The Company has certain restrictive covenants related to certain asset quality, capital, and profitability metrics associated with these lines and is considered to be in compliance with such covenants as of March 31, 2021 a nd December 31, 2020. Additionally, the Company had a collateral dependent line of credit with the FHLB of up to $5.9 billion and $6.0 billion at March 31, 2021 and December 31, 2020, respectively. Long-term Borrowings In response to the current rate environment, the Company prepaid a $200.0 million long-term FHLB advance on February 26, 2021 and $550.0 million of long-term FHLB advances in 2020, which resulted in prepayment penalties of $14.7 million and $31.2 million, respectively. In addition, on November 30, 2020, the Company redeemed $8.5 million in subordinated debt that was originally acquired as part of the Xenith acquisition. ​ Total long-term borrowings consist of the following as of March 31, 2021 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Spread to | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal | ​ | 3-Month LIBOR | ​ | Rate (1) | ​ | Maturity | ​ | Investment (2)
Trust Preferred Capital Securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trust Preferred Capital Note - Statutory Trust I | ​ | $ | 22,500 |  | 2.75 | % | 2.94 | % | 6/17/2034 | ​ | $ | 696
Trust Preferred Capital Note - Statutory Trust II | ​ |  | 36,000 |  | 1.40 | % | 1.59 | % | 6/15/2036 | ​ |  | 1,114
VFG Limited Liability Trust I Indenture | ​ |  | 20,000 |  | 2.73 | % | 2.92 | % | 3/18/2034 | ​ |  | 619
FNB Statutory Trust II Indenture | ​ |  | 12,000 |  | 3.10 | % | 3.29 | % | 6/26/2033 | ​ |  | 372
Gateway Capital Statutory Trust I | ​ |  | 8,000 |  | 3.10 | % | 3.29 | % | 9/17/2033 | ​ |  | 248
Gateway Capital Statutory Trust II | ​ |  | 7,000 |  | 2.65 | % | 2.84 | % | 6/17/2034 | ​ |  | 217
Gateway Capital Statutory Trust III | ​ |  | 15,000 |  | 1.50 | % | 1.69 | % | 5/30/2036 | ​ |  | 464
Gateway Capital Statutory Trust IV | ​ |  | 25,000 |  | 1.55 | % | 1.74 | % | 7/30/2037 | ​ |  | 774
MFC Capital Trust II | ​ |  | 5,000 |  | 2.85 | % | 3.04 | % | 1/23/2034 | ​ |  | 155
Total Trust Preferred Capital Securities | ​ | $ | 150,500 |  |  |  |  |  |  | ​ | $ | 4,659
Subordinated Debt(3)(4) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2026 Subordinated Debt(5) | ​ | ​ | 150,000 | ​ | - | % | 5.00 | % | 12/15/2026 | ​ | ​ | ​
Total Subordinated Debt | ​ | $ | 150,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair Value Premium (Discount)(6) | ​ | ​ | (15,081) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in Trust Preferred Capital Securities | ​ | ​ | 4,659 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Long-term Borrowings | ​ | $ | 290,078 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Rate as of March 31, 2021. Calculated using non-rounded numbers.
(2) | 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.
(3) | The remaining issuance discount as of March 31, 2021 is $1.1 million.
(4) | Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.
(5) | Fixed-to-floating rate notes. On December 15, 2021, the interest rate will change to a floating rate of LIBOR plus 3.175% through its maturity date.
(6) | Includes discount on issued subordinated notes.
​ ​ Total long-term borrowings consist of the following as of December 31, 2020 (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Spread to | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Principal | ​ | 3-Month LIBOR | ​ | Rate (1) | ​ | Maturity | ​ | Investment (2)
Trust Preferred Capital Securities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trust Preferred Capital Note - Statutory Trust I | ​ | $ | 22,500 |  | 2.75 | % | 2.99 | % | 6/17/2034 | ​ | $ | 696
Trust Preferred Capital Note - Statutory Trust II | ​ |  | 36,000 |  | 1.40 | % | 1.64 | % | 6/15/2036 | ​ |  | 1,114
VFG Limited Liability Trust I Indenture | ​ |  | 20,000 |  | 2.73 | % | 2.97 | % | 3/18/2034 | ​ |  | 619
FNB Statutory Trust II Indenture | ​ |  | 12,000 |  | 3.10 | % | 3.34 | % | 6/26/2033 | ​ |  | 372
Gateway Capital Statutory Trust I | ​ |  | 8,000 |  | 3.10 | % | 3.34 | % | 9/17/2033 | ​ |  | 248
Gateway Capital Statutory Trust II | ​ |  | 7,000 |  | 2.65 | % | 2.89 | % | 6/17/2034 | ​ |  | 217
Gateway Capital Statutory Trust III | ​ |  | 15,000 |  | 1.50 | % | 1.74 | % | 5/30/2036 | ​ |  | 464
Gateway Capital Statutory Trust IV | ​ |  | 25,000 |  | 1.55 | % | 1.79 | % | 7/30/2037 | ​ |  | 774
MFC Capital Trust II | ​ |  | 5,000 |  | 2.85 | % | 3.09 | % | 1/23/2034 | ​ |  | 155
Total Trust Preferred Capital Securities | ​ | $ | 150,500 |  |  |  |  |  |  | ​ | $ | 4,659
FHLB Advances | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed Rate Convertible | ​ | ​ | 200,000 | ​ | - | % | 1.78 | % | 10/26/2028 | ​ | ​ | ​
Total FHLB Advances | ​ | $ | 200,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subordinated Debt(3)(4) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2026 Subordinated Debt(5) | ​ | ​ | 150,000 | ​ | - | % | 5.00 | % | 12/15/2026 | ​ | ​ | ​
Total Subordinated Debt | ​ | $ | 150,000 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair Value Premium (Discount)(6) | ​ | ​ | (15,330) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in Trust Preferred Capital Securities | ​ | ​ | 4,659 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Long-term Borrowings | ​ | $ | 489,829 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Rate as of December 31, 2020. Calculated using non-rounded numbers.
(2) | 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.
(3) | The remaining issuance discount as of December 31, 2020 is $1.2 million.
(4) | Subordinated notes qualify as Tier 2 capital for the Company for regulatory purposes.
(5) | Fixed-to-floating rate notes. On December 15, 2021, the interest rate will change to a floating rate of LIBOR plus 3.175% through its maturity date.
(6) | Includes discount on issued subordinated notes.
​ As of March 31, 2021, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Trust |  | ​ |  | ​ |  | ​
​ |  | Preferred |  | ​ |  | Fair Value |  | Total
​ |  | Capital |  | Subordinated |  | Premium |  | Long-term
​ |  | Notes |  | Debt |  | (Discount) (1) |  | Borrowings
For the remaining nine months of 2021 | ​ | $ | — | ​ | $ | — | ​ | $ | (760) | ​ | $ | (760)
2022 | ​ |  | — | ​ |  | — | ​ |  | (1,030) | ​ |  | (1,030)
2023 | ​ |  | — | ​ |  | — | ​ |  | (1,053) | ​ |  | (1,053)
2024 | ​ |  | — | ​ |  | — | ​ |  | (1,078) | ​ |  | (1,078)
2025 | ​ |  | — | ​ |  | — | ​ |  | (1,102) | ​ |  | (1,102)
Thereafter | ​ |  | 155,159 | ​ |  | 150,000 | ​ |  | (10,058) | ​ |  | 295,101
Total long-term borrowings | ​ | $ | 155,159 | ​ | $ | 150,000 | ​ | $ | (15,081) | ​ | $ | 290,078
​
(1) | Includes discount on issued subordinated notes.
​

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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