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BORROWINGS | 12 Months Ended
--- | ---
Dec. 31, 2021
Debt Disclosure [Abstract] |
BORROWINGS | BORROWINGS Federal Home Loan Bank Borrowings Advances payable to the Federal Home Loan Bank at December 31, 2021 and 2020 were as follows:
|  | 2021 |  | 2020
|  |  |  | Weighted |  |  |  | Weighted
|  |  |  | Average |  |  |  | Average
|  | Total |  | Contractual |  | Total |  | Contractual
|  | Outstanding |  | Rate |  | Outstanding |  | Rate
|  | (Dollars in thousands)
Stated Maturity |  |  |  |  |  |  |  |
2021 |  | $ | — |  |  | — | % |  | $ | 35,042 |  |  | 1.12 | %
2022 |  | 25,000 |  |  | 0.34 | % |  | — |  |  | — | %
Subtotal |  | 25,000 |  |  | 0.34 | % |  | 35,042 |  |  | 1.12 | %
Amortizing advances |  | 667 |  |  |  |  | 698 |  |  |
Total Federal Home Loan Bank Advances |  | $ | 25,667 |  |  |  |  | $ | 35,740 |  |  |
To manage the interest rate risk of these advances, the Company may enter into interest rate swap agreements which effectively fix the rate of the borrowing. Inclusive of the impact of these swap arrangements, the weighted average rate of all FHLB borrowings was 2.05% and 2.30% at December 31, 2021 and 2020, respectively. The Company’s FHLB advances are collateralized by a blanket pledge agreement on the Bank’s FHLB stock, certain qualified investment securities, deposits at the FHLB, residential mortgages, and by certain commercial real estate loans held in the Bank’s portfolio. The carrying value of the loans pledged as collateral for these borrowings totaled $2.3 billion and $2.1 billion at December 31, 2021 and 2020, respectively. The Bank’s unused remaining available borrowing capacity at the FHLB was approximately $1.6 billion and $1.4 billion at December 31, 2021 and 2020, respectively, inclusive of a $5.0 million line of credit. At December 31, 2021 and 2020, the Company had sufficient collateral at the FHLB to support its obligations and was in compliance with the FHLB's collateral pledging program. Short-Term Debt Excluding FHLB borrowings included in the table above, the Company had no short-term borrowings at December 31, 2021 and 2020. The Company recorded no interest expense on short-term borrowings for the years ended December 31, 2021 and 2020, and recorded $104,000 for the year ended December 31, 2019. Long-Term Debt The following table summarizes long-term debt, net of debt issuances costs, at the dates indicated:
| December 31
| 2021 |  | 2020
| (Dollars in thousands)
Long term borrowings, net | $ | 14,063 |  |  | $ | 32,773 |
Junior subordinated debentures |  |  |
Capital Trust V | 51,512 |  |  | 51,510 |
Central Trust I | 5,258 |  |  | 5,258 |
Central Trust II | 6,083 |  |  | 6,083 |
Subordinated debentures | 49,791 |  |  | 49,696 |
Total long-term debt | $ | 126,707 |  |  | $ | 145,320 |
The interest expense on long-term debt was $4.5 million, $5.4 million, and $8.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. Long-term borrowings: During the first quarter of 2019 the Company entered into a senior unsecured term loan credit facility of which $14.1 million and $32.8 million was outstanding at December 31, 2021 and 2020, respectively. Advances under the term loan facility bear interest at an interest rate equal to one-month LIBOR plus 1.25% (1.35% at December 31, 2021). This term loan facility is due and payable in full on March 28, 2022. Junior Subordinated Debentures: The junior subordinated debentures are issued to various trust subsidiaries of the Company. These trusts are considered to be variable interest entities for which the Company is not the primary beneficiary, and therefore the accounts of the trusts are not included in the Company’s consolidated financial statements. These trusts were formed for the purpose of issuing trust preferred securities, which were then sold in a private placement offering. The proceeds from the sale of the securities and the issuance of common stock by these trusts were invested in these Junior Subordinated Debentures issued by the Company. For regulatory purposes, bank holding companies are allowed to include trust preferred securities in Tier 1 capital up to a certain limit. Provisions in the Dodd-Frank Act generally exclude trust preferred securities from Tier 1 capital, however, holding companies with consolidated assets of less than $15 billion at December 31, 2009, are able to permanently to include these instruments in Tier 1 capital, unless the Company crosses the consolidated assets threshold as a result of merger and acquisition activity. Accordingly, as the Company’s acquisition of Meridian resulted in the crossing of $15 billion in its consolidated assets, its trust preferred securities were phased out of Tier 1 capital and included within Tier 2 capital as of December 31, 2021, in accordance with applicable regulatory guidance. Information relating to these trust preferred securities is as follows:
Trust | Description of Capital Securities
Capital Trust V | $50.0 million due in 2037, interest at a variable rate of 3 month LIBOR plus 1.48% (1.70% at December 31, 2021).
Central Trust I | $5.1 million due in 2034, bearing interest at a variable rate of 3 month LIBOR plus 2.44% (2.66% at December 31, 2021). These securities are callable quarterly, until maturity.
Central Trust II | $5.9 million due in 2037, bearing interest at a variable rate of 3 month LIBOR plus 1.65% (1.87% at December 31, 2021). These securities are callable quarterly, until maturity.
All obligations under these trust preferred securities are unconditionally guaranteed by the Company. Subordinated Debentures: At December 31, 2021 and 2020 the Company held $50.0 million of outstanding subordinated debentures at the bank holding company. On March 14, 2019 the Company issued subordinated debentures with an aggregate principal amount of $50.0 million in a private placement transaction to institutional accredited investors. The subordinated debentures mature on March 15, 2029. However, with regulatory approval, the Company may redeem the subordinated debentures without penalty at any scheduled payment date on or after March 15, 2024 with 30 days notice. The subordinated debentures carry a fixed rate of interest of 4.75% through March 15, 2024, after which interest converts to a variable rate of the then current three-month LIBOR rate plus 219 basis points, or equivalent alternate rate. The following table sets forth the contractual maturities of long-term debt over the next five years:
|  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Thereafter |  | Total
|  | (Dollars in thousands)
Long term borrowings |  | $ | 14,063 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14,063 |
Junior subordinated debentures |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital trust V |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 51,547 |  |  | 51,547 |
Central trust I |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,258 |  |  | 5,258 |
Central trust II |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,083 |  |  | 6,083 |
Subordinated debentures |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,000 |  |  | 50,000 |
Total (1) |  | $ | 14,063 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 112,888 |  |  | $ | 126,951 |
(1)Amounts in this table are presented on a gross basis, and do not include the capitalized issuance costs as presented in the Company's Consolidated Balance Sheet.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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