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BORROWINGS | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
BORROWINGS | BORROWINGS Federal Home Loan Bank Borrowings The Company typically utilizes FHLB advances for certain short-term and long-term borrowing needs, as deemed necessary. The Company had short-term borrowings outstanding with the FHLB of $25.0 million at December 31, 2021, with a contractual rate of 0.34%. This borrowing matured during the third quarter of 2022 resulting in no outstanding short-term borrowings with the FHLB at December 31, 2022. To manage the interest rate risk of these advances, the Company may enter into interest rate swap agreements which effectively fixes the rate of the borrowing. Inclusive of the impact of these swap arrangements, the weighted average rate of the Company's borrowings at December 31, 2021 was 2.05%. In addition to these short-term advances, the Company may also utilize longer term amortizing advances, of which $637,000 and $667,000 were outstanding at December 31, 2022 and 2021, respectively. At December 31, 2022 and 2021, the Company had sufficient collateral at the FHLB to support its obligations and was in compliance with the FHLB's collateral pledging program. 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 loans pledged as collateral for these borrowings totaled $2.7 billion and $2.3 billion at December 31, 2022 and 2021, respectively, resulting in available borrowing capacity with the FHLB of $1.8 billion and $1.6 billion at December 31, 2022, and 2021, respectively. Long-Term Debt The following table summarizes long-term debt, net of debt issuances costs, at the dates indicated:
| December 31
| 2022 |  | 2021
| (Dollars in thousands)
Long term borrowings, net | $ | — |  |  | $ | 14,063 |
Junior subordinated debentures |  |  |
Capital Trust V | 51,514 |  |  | 51,512 |
Central Trust I | 5,258 |  |  | 5,258 |
Central Trust II | 6,083 |  |  | 6,083 |
Subordinated debentures | 49,885 |  |  | 49,791 |
Total long-term debt | $ | 112,740 |  |  | $ | 126,707 |
The interest expense on long-term debt was $4.6 million, $4.5 million, and $5.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. Long-term borrowings: The Company had no outstanding long-term borrowings as of December 31, 2022 and long-term borrowings of $14.1 million as of December 31, 2021 related to a senior unsecured term loan credit facility entered into during 2019. The credit facility was re-paid in full during the first quarter of 2022. Junior Subordinated Debentures: The junior subordinated debentures are issued to various trust subsidiaries of the Company. 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. These trust preferred securities bear interest at a rate of three-month LIBOR (4.77% at December 31, 2022) plus applicable spread, or equivalent alternate rate. Information relating to these trust preferred securities at December 31, 2022 is as follows:
Trust |  | Principal Amount |  | Maturity Date |  | Interest Rate Spread |  | All-in Rate
|  | (Dollars in thousands)
Capital Trust V |  | $ | 50,000 |  |  | 3/15/2037 |  | 1.48% |  | 6.25%
Central Trust I (1) |  | $ | 5,100 |  |  | 9/16/2034 |  | 2.44% |  | 7.21%
Central Trust II (1) |  | $ | 5,900 |  |  | 3/15/2037 |  | 1.65% |  | 6.42%
(1)These securities noted above are callable quarterly until maturity. Subordinated Debentures: 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, which remained outstanding at both December 31, 2022 and 2021. 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. At December 31, 2022, the Company held no borrowings scheduled to mature within the next 5 years.

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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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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