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Borrowings and Borrowings Availability | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Borrowings and Borrowings Availability | Borrowings and Borrowings Availability The following tables presents information regarding the Company’s outstanding borrowings at December 31, 2023 (dollars are in thousands):
Description |  | Due Date |  | Call Feature |  | Balance at December 31, 2023 |  | Interest Rate
FHLB Principal Reducing Credit |  | 6/26/2028 |  | None |  | $ | 203 |  |  | 0.25% fixed
FHLB Principal Reducing Credit |  | 7/17/2028 |  | None |  | 31 |  |  | 0.00% fixed
FHLB Principal Reducing Credit |  | 8/18/2028 |  | None |  | 151 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 8/22/2028 |  | None |  | 151 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/20/2028 |  | None |  | 315 |  |  | 0.50% fixed
FHLB Fixed Rate Credit |  | 1/16/2024 |  | None |  | 80,000 |  |  | 5.59% fixed
FHLB Fixed Rate Credit |  | 2/27/2024 |  | None |  | 100,000 |  |  | 5.61% fixed
FHLB Fixed Rate Credit |  | 3/20/2024 |  | None |  | 100,000 |  |  | 5.61% fixed
FRB Bank Term Funding Program |  | 12/20/2024 |  | None |  | 224,000 |  |  | 4.85% fixed
FRB Bank Term Funding Program |  | 12/27/2024 |  | None |  | 25,000 |  |  | 4.83% fixed
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 10,310 |  |  | 8.30% at 12/31/23 adjustable rate 3 month CME Term SOFR + 2.91%
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 10,310 |  |  | 8.40% at 12/31/23 adjustable rate 3 month CME Term SOFR + 3.01%
Trust Preferred Securities |  | 9/20/2034 |  | Quarterly by Company beginning 9/20/2009 |  | 12,372 |  |  | 7.78% at 12/31/23 adjustable rate 3 month CME Term SOFR + 2.41%
Trust Preferred Securities |  | 1/7/2035 |  | Quarterly by Company beginning 1/7/2010 |  | 10,310 |  |  | 7.66% at 12/31/23 adjustable rate 3 month CME Term SOFR +2.00%
Trust Preferred Securities |  | 6/15/2036 |  | Quarterly by Company beginning 6/15/2011 |  | 25,774 |  |  | 7.04% at 12/31/23 adjustable rate 3 month CME Term SOFR + 1.65%
Trust Preferred Securities |  | 6/23/2036 |  | Quarterly by Company beginning 6/23/2011 |  | 8,248 |  |  | 7.47% at 12/31/23 adjustable rate 3 month CME Term SOFR + 2.11%
Subordinated Debentures |  | 11/30/2028 |  | Continuous by Company beginning 11/30/2023 |  | 10,000 |  |  | 9.09% at 12/31/23 adjustable rate 3 month CME Term SOFR + 3.69%
Subordinated Debentures |  | 11/15/2030 |  | Continuous by Company beginning 11/15/2025 |  | 18,000 |  |  | 4.38% fixed
Total borrowings / weighted average rate as of December 31, 2023 |  | 635,175 |  |  | 5.57%
Unamortized discount on acquired borrowings |  |  |  | (5,017) |  |  |
Total borrowings |  |  |  |  |  | $ | 630,158 |  |  |
The following table presents information regarding the Company’s outstanding borrowings at December 31, 2022 (dollars are in thousands):
Description |  | Due date |  | Call Feature |  | Balance at December 31, 2022 |  | Interest Rate
FHLB Principal Reducing Credit |  | 7/24/2023 |  | None |  | $ | 32 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/22/2023 |  | None |  | 912 |  |  | 1.25% fixed
FHLB Principal Reducing Credit |  | 6/26/2028 |  | None |  | 214 |  |  | 0.25% fixed
FHLB Principal Reducing Credit |  | 7/17/2028 |  | None |  | 38 |  |  | 0.00% fixed
FHLB Principal Reducing Credit |  | 8/18/2028 |  | None |  | 158 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 8/22/2028 |  | None |  | 159 |  |  | 1.00% fixed
FHLB Principal Reducing Credit |  | 12/20/2028 |  | None |  | 329 |  |  | 0.50% fixed
FHLB Fixed Rate Credit |  | 1/9/2023 |  | None |  | 50,000 |  |  | 4.15% fixed
FHLB Fixed Rate Credit |  | 2/1/2023 |  | None |  | 80,000 |  |  | 4.25% fixed
FHLB Fixed Rate Credit |  | 2/9/2023 |  | None |  | 50,000 |  |  | 4.35% fixed
FHLB Daily Rate Credit |  | 8/23/2023 |  | None |  | 40,000 |  |  | 4.57% fixed
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 10,310 |  |  | 7.06% at 12/31/22 adjustable rate 3 month LIBOR +2.65%
Trust Preferred Securities |  | 1/23/2034 |  | Quarterly by Company beginning 1/23/2009 |  | 10,310 |  |  | 7.16% at 12/31/22 adjustable rate 3 month LIBOR +2.75%
Trust Preferred Securities |  | 9/20/2034 |  | Quarterly by Company beginning 9/20/2009 |  | 12,372 |  |  | 6.90% at 12/31/22 adjustable rate 3 month LIBOR + 2.15%
Trust Preferred Securities |  | 1/7/2035 |  | Quarterly by Company beginning 1/7/2010 |  | 10,310 |  |  | 6.08% at 12/31/22 adjustable rate 3 month LIBOR + 2.00%
Trust Preferred Securities |  | 6/15/2036 |  | Quarterly by Company beginning 6/15/2011 |  | 25,774 |  |  | 6.16% at 12/31/22 adjustable rate 3 month LIBOR + 1.39%
Total borrowings / weighted average rate as of December 31, 2022 |  | 290,918 |  |  | 4.82%
Unamortized discount on acquired borrowings |  | (3,411) |  |  |
Total borrowings |  |  |  |  |  | $ | 287,507 |  |  |
All outstanding FHLB and FRB borrowings may be accelerated immediately by the FHLB and FRB, respectively, in certain circumstances, including material adverse changes in the condition of the Company or if the Company’s qualifying collateral amounts to less than that required under the terms of the borrowing agreement. In the above tables, at December 31, 2023, short-term borrowings (original maturity terms of less than twelve months) totaled $529.0 million and had a weighted average interest rate of 5.25%. At December 31, 2022, short-term borrowings totaled $220.9 million and had a weighted average interest rate of 4.30% . Trust Preferred Securities in the above tables are borrowings structured as trust preferred capital securities which were issued by various unconsolidated subsidiaries of the Company as discussed in Note 1. These unsecured debt securities qualify as Tier I capital for capital adequacy requirements. The Subordinated Debentures in the tables above are borrowings issued by GrandSouth and acquired by the Company on January 1, 2023. These unsecured debt securities qualify as Tier II capital for capital adequacy requirements. At December 31, 2023, the Company had several sources of readily available borrowing capacity: •A $1.3 billion line of credit with the FHLB that can be structured as either short-term or long-term borrowings, depending on the particular funding or liquidity needs. As of December 31, 2023, the line of credit is secured by a blanket lien on portions of the Company's real estate loan portfolio totaling approximately $2.3 billion and the Company's FHLB stock totaling $21.7 million. $280.9 million was outstanding on the line of credit at December 31, 2023 and $221.8 million was outstanding at December 31, 2022; •A total of $265.0 million federal funds lines of credit with correspondent banks which allow the Company to purchase federal funds on an overnight, unsecured basis. None was outstanding at December 31, 2023 or 2022; •A $294.1 million line of credit through the Federal Reserve's Bank Term Funding Program, secured by specific investment securities, with $249.0 million outstanding at December 31, 2023; and •An approximately $561.6 million line of credit through the Federal Reserve's discount window borrowing program, which was secured at December 31, 2023 by a blanket lien on a portion of the Company’s commercial and consumer loan portfolios (excluding real estate collateral) totaling approximately$330.9 million and specific investment securities with a carrying value of $710.2 million. None was outstanding at December 31, 2023 or 2022, respectively. At December 31, 2023, the contractual maturities of borrowings were as follows for the years ending:
($ in thousands) | FHLB Principal Reducing Credit |  | FHLB Fixed Rate Credit |  | FRB Bank Term Funding Program |  | Trust Preferred Securities |  | Subordinated Debentures |  | Total
2024 | $ | — |  |  | 280,000 |  |  | 249,000 |  |  | — |  |  | — |  |  | 529,000 |
2025 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2026 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2027 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
2028 | 851 |  |  | — |  |  | — |  |  | — |  |  | 10,000 |  |  | 10,851 |
Thereafter | — |  |  | — |  |  | — |  |  | 77,324 |  |  | 18,000 |  |  | 95,324 |
Total | $ | 851 |  |  | 280,000 |  |  | 249,000 |  |  | 77,324 |  |  | 28,000 |  |  | 635,175 |
Unamortized discount on acquired borrowings |  |  |  |  |  |  | (5,017) |
Total borrowings |  |  |  |  |  |  |  |  | 630,158 |

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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/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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