NOTE

10:

OTHER BORROWINGS AND SUBORDINATED DEBENTURES

Debt at

December

31,

2016

and

2015

consisted of the following components.

(In thousands)	2016		2015

Other Borrowings
FHLB advances, net of discount, due 2017 to 2033, 0.46% to 7.37% secured by residential real estate loans	$	225,230	$	109,989
Notes payable, due 10/15/2020, 3.85%, fixed rate, unsecured		47,929		52,300
Total other borrowings		273,159		162,289
Subordinated Debentures
Trust preferred securities, due 12/30/2033, floating rate of 2.80% above the three month LIBOR rate, reset quarterly, callable without penalty		20,620		20,620
Trust preferred securities, net of discount, due 6/30/2035, floating rate of 1.75% above the three month LIBOR rate, reset quarterly, callable without penalty		9,225		9,723
Trust preferred securities, net of discount, due 9/15/2037, floating rate of 1.37% above the three month LIBOR rate, reset quarterly		10,130		9,975
Trust preferred securities, net of discount, due 12/3/2033, floating rate of 2.88% above the three month LIBOR rate, reset quarterly, callable without penalty		5,161		5,167
Trust preferred securities, net of discount, due 12/13/2034, floating rate of 2.00% above the three month LIBOR rate, reset quarterly, callable without penalty		5,105		5,063
Trust preferred securities, net of discount, due 6/6/2037, floating rate of 1.57% above the three month LIBOR rate, reset quarterly, callable without penalty		10,156		10,022
Total subordinated debentures		60,397		60,570
Total other borrowings and subordinated debentures	$	333,556	$	222,859

During

October

2015,

the Company borrowed

$52.3

million from correspondent banks at a rate of

3.85%

with quarterly principal and interest payments. The debt has a

year amortization with a

year balloon payment due in

October

2020.

The Company used approximately

$36

million of this borrowing to refinance the debt issued during

2013

that was used to partially fund the acquisition of Metropolitan.

December

31,

2016,

the Company had

$180.0

million of Federal Home Loan Bank (“FHLB”) advances with original maturities of

one

year or less.

The Company had total FHLB advances of

$225.2

million at

December

31,

2016,

with approximately

$1.3

billion of additional advances available from the FHLB. The FHLB advances are secured by mortgage loans and investment securities totaling approximately

$1.7

billion at

December

31,

2016.

The trust preferred securities are tax-advantaged issues that qualify for Tier

capital treatment. Distributions on these securities are included in interest expense on long-term debt. Each of the trusts is a statutory business trust organized for the sole purpose of issuing trust securities and investing the proceeds thereof in junior subordinated debentures of the Company, the sole asset of each trust. The preferred securities of each trust represent preferred beneficial interests in the assets of the respective trusts and are subject to mandatory redemption upon payment of the junior subordinated debentures held by the trust. The common securities of each trust are wholly-owned by the Company. Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated debentures. The Company’s obligations under the junior subordinated securities and other relevant trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of each respective trust’s obligations under the trust securities issued by each respective trust.

107

Aggregate annual maturities of long-term debt at

December

31,

2016

are as follows:

(In thousands)	Year	Annual Maturities

	2017	$	193,714
	2018		23,913
	2019		7,673
	2020		36,429
	2021		2,332
	Thereafter		69,495

	Total	$	333,556