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Long-Term Borrowings and Subordinated Debt | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
Long-Term Borrowings and Subordinated Debt | LONG-TERM BORROWINGS AND SUBORDINATED DEBT Long-term borrowings are for original terms greater than or equal to one year and were comprised of FHLB advances, a capital lease and junior subordinated debt securities. Our long-term borrowings at the Pittsburgh FHLB were $117.0 million as of December 31, 2015 and $19.3 million as of December 31, 2014. FHLB borrowings are secured by a blanket lien on residential mortgages and other real estate secured loans. Total loans pledged as collateral at the FHLB were $2.8 billion at December 31, 2015. We were eligible to borrow up to an additional $1.4 billion based on qualifying collateral, to a maximum borrowing capacity of $1.9 billion at December 31, 2015. The following table represents the balance of long-term borrowings, the weighted average interest rate as of December 31 and interest expense for the years ended December 31:
(dollars in thousand) | 2015 | 2014 | 2013
Long-term borrowings | $ | 117,043 |  | $ | 19,442 |  | $ | 21,810 |
Weighted average interest rate | 0.81 | % | 3.00 | % | 3.01 | %
Interest expense | $ | 790 |  | $ | 617 |  | $ | 746 |
Scheduled annual maturities and average interest rates for all of our long-term debt, including a capital lease of $0.2 million, for each of the five years and thereafter subsequent to December 31, 2015 are as follows:
(dollars in thousands) | Balance |  | Average Rate |
2016 | $ | 102,330 |  | 0.52 | %
2017 | 2,412 |  | 3.52 | %
2018 | 2,496 |  | 3.60 | %
2019 | 2,514 |  | 3.13 | %
2020 | 2,004 |  | 3.22 | %
Thereafter | 5,287 |  | 1.85 | %
Total | $ | 117,043 |  | 0.81 | %
Junior Subordinated Debt Securities The following table represents the composition of junior subordinated debt securities at December 31 and the interest expense for the years ended December 31:
| 2015 |  | 2014 |  | 2013
(dollars in thousands) | Balance |  | Interest Expense |  |  | Balance |  | Interest Expense |  |  | Balance |  | Interest Expense |
2006 Junior subordinated debt | $ | 25,000 |  | $ | 554 |  |  | $ | 25,000 |  | $ | 463 |  |  | $ | 25,000 |  | $ | 475 |
2008 Junior subordinated debt—trust preferred securities | 20,619 |  | 773 |  |  | 20,619 |  | 759 |  |  | 20,619 |  | 770 |
2008 Junior subordinated debt | — |  | — |  |  | — |  | — |  |  | — |  | 422 |
2008 Junior subordinated debt | — |  | — |  |  | — |  | — |  |  | — |  | 403 |
Total | $ | 45,619 |  | $ | 1,327 |  |  | $ | 45,619 |  | $ | 1,222 |  |  | $ | 45,619 |  | $ | 2,070 |
The following table summarizes the key terms of our junior subordinated debt securities:
(dollars in thousands) | 2006 Junior Subordinated Debt | 2008 Trust Preferred Securities | 2008 Junior Subordinated Debt | 2008 Junior Subordinated Debt
Junior Subordinated Debt | $25,000 | — | $20,000 | $25,000
Trust Preferred Securities | — | $20,619 | — | —
Stated Maturity Date | 12/15/2036 | 3/15/2038 | 6/15/2018 | 5/30/2018
Optional redemption date at par | Any time after 9/15/2011 | Any time after 3/15/2013 | Any time after 6/15/2013 | Any time after 5/30/2013
Regulatory Capital | Tier 2 | Tier 1 | Tier 2 | Tier 2
Interest Rate | 3 month LIBOR plus 160 bps | 3 month LIBOR plus 350 bps | 3 month LIBOR plus 350 bps | 3 month LIBOR plus 250 bps
Interest Rate at December 31, 2015 | 2.11% | 4.01% | —% | —%
We completed a private placement of the trust preferred securities to a financial institution during the first quarter of 2008. As a result, we own 100 percent of the common equity of STBA Capital Trust I. The trust was formed to issue mandatorily redeemable capital securities to third-party investors. The proceeds from the sale of the securities and the issuance of the common equity by STBA Capital Trust I were invested in junior subordinated debt securities issued by us. The third party investors are considered the primary beneficiaries; therefore, the trust qualifies as a VIE, but is not consolidated into our financial statements. STBA Capital Trust I pays dividends on the securities at the same rate as the interest paid by us on the junior subordinated debt held by STBA Capital Trust I. We repaid $45.0 million of junior subordinated debt in June of 2013 because of its diminishing regulatory capital benefit and the future positive impact on net interest income. We replaced the funding primarily with FHLB short-term advances. On March 4, 2015 we assumed a $13.5 million junior subordinated debt from the acquisition of Integrity. On March 5, 2015, we paid off $8.5 million and on June 18, 2015, we paid off the remaining $5.0 million.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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