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Subordinated Debentures | 6 Months Ended
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Jun. 30, 2020
Subordinated Borrowings [Abstract] |
Subordinated Debentures | NOTE 8 - SUBORDINATED DEBENTURES The amounts and terms of each issuance of the Company’s subordinated debentures at June 30, 2020 and December 31, 2019 were as follows:
| Amount |  | Maturity Date |  | Initial Call Date(1) |  | Interest Rate
(in thousands) | June 30, 2020 |  | December 31, 2019
EFSC Clayco Statutory Trust I | $ | 3,196 |  |  | $ | 3,196 |  |  | December 17, 2033 |  | December 17, 2008 |  | Floats @ 3MO LIBOR + 2.85%
EFSC Capital Trust II | 5,155 |  |  | 5,155 |  |  | June 17, 2034 |  | June 17, 2009 |  | Floats @ 3MO LIBOR + 2.65%
EFSC Statutory Trust III | 11,341 |  |  | 11,341 |  |  | December 15, 2034 |  | December 15, 2009 |  | Floats @ 3MO LIBOR + 1.97%
EFSC Clayco Statutory Trust II | 4,124 |  |  | 4,124 |  |  | September 15, 2035 |  | September 15, 2010 |  | Floats @ 3MO LIBOR + 1.83%
EFSC Statutory Trust IV | 10,310 |  |  | 10,310 |  |  | December 15, 2035 |  | December 15, 2010 |  | Floats @ 3MO LIBOR + 1.44%
EFSC Statutory Trust V | 4,124 |  |  | 4,124 |  |  | September 15, 2036 |  | September 15, 2011 |  | Floats @ 3MO LIBOR + 1.60%
EFSC Capital Trust VI | 14,433 |  |  | 14,433 |  |  | March 30, 2037 |  | March 30, 2012 |  | Floats @ 3MO LIBOR + 1.60%
EFSC Capital Trust VII | 4,124 |  |  | 4,124 |  |  | December 15, 2037 |  | December 15, 2012 |  | Floats @ 3MO LIBOR + 2.25%
JEFFCO Stat Trust I(2) | 7,819 |  |  | 7,886 |  |  | February 22, 2031 |  | February 22, 2011 |  | Fixed @ 10.20%
JEFFCO Stat Trust II(2) | 4,415 |  |  | 4,388 |  |  | March 17, 2034 |  | March 17, 2009 |  | Floats @ 3MO LIBOR + 2.75%
Trinity Capital Trust III(2) | 5,239 |  |  | 5,206 |  |  | September 8, 2034 |  | September 8, 2009 |  | Floats @ 3MO LIBOR + 2.70%
Trinity Capital Trust IV(2) | 10,310 |  |  | 10,302 |  |  | November 23, 2035 |  | August 23, 2010 |  | Fixed @ 6.88%
Trinity Capital Trust V(2) | 7,625 |  |  | 7,543 |  |  | December 15, 2036 |  | September 15, 2011 |  | Floats @ 3MO LIBOR + 1.65%
Total junior subordinated debentures | 92,215 |  |  | 92,132 |  |  |  |  |  |  |
5.75% Fixed-to-floating rate subordinated notes | 63,250 |  |  | — |  |  | June 1, 2030 |  | June 1, 2025 |  | Fixed @ 5.75% until June 1, 2025, then floats @ Benchmark rate (3 month term SOFR) + 5.66%
4.75% Fixed-to-floating rate subordinated notes | 50,000 |  |  | 50,000 |  |  | November 1, 2026 |  | November 1, 2021 |  | Fixed @ 4.75% until November 1, 2021, then floats @ 3MO LIBOR + 3.387%
Debt issuance costs | (2,081 | ) |  | (874 | ) |  |  |  |  |  |
Total fixed-to-floating rate subordinated notes | 111,169 |  |  | 49,126 |  |  |  |  |  |  |
Total subordinated debentures and notes | $ | 203,384 |  |  | $ | 141,258 |  |  |  |  |  |  |
(1) Callable each quarter after initial call date.
(2) Purchase accounting adjustments are reflected in the balance and also impact the effective interest rate.
On May 21, 2020, the Company issued $63.3 million of 5.75% fixed-to-floating rate subordinated notes due in 2030 in a public offering (the “2030 Notes”). From and including the date of issuance to, but excluding June 1, 2025, the 2030 Notes will bear interest at a rate equal to 5.75% per annum, payable semiannually in arrears on each June 1 and December 1. From and including June 1, 2025 to, but excluding the maturity date or the date of earlier redemption, the 2030 Notes will bear interest at a floating rate per annum equal to a benchmark rate (which is expected to be three-month term SOFR (as defined in the Indenture, dated May 21, 2020, between the Company and U.S. Bank National Association, as trustee, and subsequent First Supplemental Indenture)), plus 566.0 basis points, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year, commencing on September 1, 2025. Notwithstanding the foregoing, in the event that the benchmark rate is less than zero, then the benchmark rate shall be deemed to be zero.

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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