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Short-Term Borrowings and Long-Term Debt | 12 Months Ended
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Dec. 31, 2017
Short-Term Borrowings and Long-Term Debt [Abstract] |
Short-Term Borrowings and Long-Term Debt |
NOTE 9 – SHORT-TERM BORROWINGS AND LONG-TERM DEBT
Short-term borrowings as of December 31, 2017, 2016 and 2015 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below. The securities underlying the repurchase agreements remain in available for sale investment securities.
| December 31, |  | Maximum Outstanding
| 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015
| (in thousands)
Federal funds purchased | $ | 220,000 |  |  | $ | 278,570 |  |  | $ | 197,235 |  |  | $ | 387,110 |  |  | $ | 449,184 |  |  | $ | 266,338 |
Short-term FHLB advances (1) | — |  |  | — |  |  | 110,000 |  |  | 250,000 |  |  | — |  |  | 200,000 |
Customer repurchase agreements | 172,017 |  |  | 195,734 |  |  | 111,496 |  |  | 233,274 |  |  | 221,989 |  |  | 212,509 |
Customer short-term promissory notes | 225,507 |  |  | 67,013 |  |  | 78,932 |  |  | 237,298 |  |  | 77,887 |  |  | 93,176 |
| $ | 617,524 |  |  | $ | 541,317 |  |  | $ | 497,663 |  |  |  |  |  |  |
(1) Represents FHLB advances with an original maturity term of less than one year. As of December 31, 2017, the Corporation had aggregate availability under Federal funds lines of $1.2 billion, with $220.0 million borrowed against that amount. A combination of commercial real estate loans, commercial loans and securities were pledged to the FRB of Philadelphia to provide access to FRB Discount Window borrowings. As of December 31, 2017 and 2016, the Corporation had $617.4 million and $1.2 billion, respectively, of collateralized borrowing availability at the Discount Window, and no outstanding borrowings. The following table presents information related to customer repurchase agreements:
| 2017 |  | 2016 |  | 2015
| (dollars in thousands)
Amount outstanding as of December 31 | $ | 172,017 |  |  | $ | 195,734 |  |  | $ | 111,496 |
Weighted average interest rate as of December 31 | 0.13 | % |  | 0.10 | % |  | 0.15 | %
Average amount outstanding during the year | $ | 188,974 |  |  | $ | 184,978 |  |  | $ | 161,093 |
Weighted average interest rate during the year | 0.12 | % |  | 0.11 | % |  | 0.10 | %
FHLB advances with an original maturity of one year or more and long-term debt included the following as of December 31:
| 2017 |  | 2016
| (in thousands)
FHLB advances | $ | 652,113 |  |  | $ | 567,240 |
Subordinated debt | 250,000 |  |  | 350,000 |
Senior notes | 125,000 |  |  | — |
Junior subordinated deferrable interest debentures | 16,496 |  |  | 16,496 |
Unamortized discounts and issuance costs | (5,263 | ) |  | (4,333 | )
| $ | 1,038,346 |  |  | $ | 929,403 |
Excluded from the preceding table is the Parent Company’s revolving line of credit with one of its subsidiary banks. As of December 31, 2017 and 2016, there were no amounts outstanding under this line of credit. This line of credit, with a total commitment of $75.0 million, is secured by insurance investments and equity securities and bears interest at London Interbank Offered Rate ("LIBOR") for maturities of one month plus 2.00%. The amount that the Corporation is permitted to borrow under this commitment at any given time is subject to a formula based on a percentage of the value of the collateral pledged. Although balances drawn on the line of credit and related interest income and expense are eliminated in the consolidated financial statements, this borrowing arrangement is senior to the subordinated debt and the junior subordinated deferrable interest debentures. FHLB advances mature through March 2027 and carry a weighted average interest rate of 2.31%. As of December 31, 2017, the Corporation had additional borrowing capacity of approximately $3.6 billion with the FHLB. Advances from the FHLB are secured by FHLB stock, qualifying residential mortgages, investments and other assets. The following table summarizes the scheduled maturities of FHLB advances with an original maturity of one year or more and long-term debt as of December 31, 2017 (in thousands):
Year |
2018 | $ | 99,217 |
2019 | 202,275 |
2020 | 142,039 |
2021 | 199,054 |
2022 | 130,076 |
Thereafter | 265,685 |
| $ | 1,038,346 |
In March 2017, the Corporation issued $125.0 million of senior notes, with a fixed rate of 3.60% and an effective rate of 3.95%, as a result of discounts and issuance costs, which mature on March 16, 2022. Interest is paid semi-annually in September and March. In June 2015, the Corporation issued $150.0 million of ten-year subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of approximately 4.69% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November. In November 2014, the Corporation issued $100.0 million of ten-year subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of approximately 4.87% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November. On May 1, 2017, $100.0 million of the Corporation's outstanding ten-year subordinated notes originally issued in May 2007 with an effective rate of approximately 5.96%, matured and were fully repaid. During the third quarter of 2015, $150.0 million of TruPS, with a scheduled maturity of February 1, 2036 and an effective rate of approximately 6.52%, were redeemed. As a result of this transaction, the Corporation recorded a $5.6 million loss on redemption, included as a component of non-interest expense. The loss on redemption consisted of $1.8 million of unamortized issuance costs and $2.5 million, net of a $1.3 million tax effect, of unamortized losses on a cash flow hedge recorded in accumulated other comprehensive income. As of December 31, 2017, the Parent Company owned all of the common stock of three subsidiary trusts, which have issued TruPS in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The TruPS are redeemable on specified dates, or earlier if certain events arise. The following table provides details of the debentures as of December 31, 2017 (dollars in thousands):
Debentures Issued to | Fixed/ Variable |  | Interest Rate |  | Amount |  | Maturity |  | Callable |  | Call Price
Columbia Bancorp Statutory Trust | Variable |  | 3.99 | % |  | $ | 6,186 |  |  | 06/30/34 |  | 03/31/18 |  | 100.0
Columbia Bancorp Statutory Trust II | Variable |  | 3.48 | % |  | 4,124 |  |  | 03/15/35 |  | 03/31/18 |  | 100.0
Columbia Bancorp Statutory Trust III | Variable |  | 3.36 | % |  | 6,186 |  |  | 06/15/35 |  | 03/31/18 |  | 100.0
|  |  |  |  | $ | 16,496 |  |  |  |  |  |  |

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- Definition Short-Term Borrowings and Long-Term Debt [Abstract] + References No definition available. + Details
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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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