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Long-Term Borrowings and Subordinated Debt | 12 Months Ended
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Dec. 31, 2017
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 are comprised of FHLB advances and junior subordinated debt securities. Our long-term borrowings at the Pittsburgh FHLB were $47.2 million as of December 31, 2017 and $14.7 million as of December 31, 2016. 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 $3.5 billion at December 31, 2017. We were eligible to borrow up to an additional $1.8 billion based on qualifying collateral, to a maximum borrowing capacity of $2.5 billion at December 31, 2017. 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) | 2017 |  | 2016 |  | 2015
Long-term borrowings | $ | 47,301 |  |  | $ | 14,713 |  |  | $ | 117,043 |
Weighted average interest rate | 1.88 | % |  | 2.91 | % |  | 0.81 | %
Interest expense | $ | 463 |  |  | $ | 670 |  |  | $ | 790 |
Scheduled annual maturities and average interest rates for all of our long-term debt for each of the five years subsequent to December 31, 2017 and thereafter are as follows:
(dollars in thousands) | Balance |  |  | Average Rate |
2018 | $ | 2,496 |  |  | 3.60 | %
2019 | 37,514 |  |  | 1.60 | %
2020 | 2,004 |  |  | 3.22 | %
2021 | 1,057 |  |  | 3.44 | %
2022 | 529 |  |  | 4.50 | %
Thereafter | 3,701 |  |  | 1.96 | %
Total | $ | 47,301 |  |  | 1.88 | %
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:
| 2017 |  | 2016 |  | 2015
(dollars in thousands) | Balance |  |  | Interest Expense |  |  | Balance |  |  | Interest Expense |  |  | Balance |  |  | Interest Expense |
2006 Junior subordinated debt | $ | 25,000 |  |  | $ | 708 |  |  | $ | 25,000 |  |  | $ | 580 |  |  | $ | 25,000 |  |  | $ | 554 |
2008 Junior subordinated debt—trust preferred securities | 20,619 |  |  | 955 |  |  | 20,619 |  |  | 854 |  |  | 20,619 |  |  | 773 |
Total | $ | 45,619 |  |  | $ | 1,663 |  |  | $ | 45,619 |  |  | $ | 1,434 |  |  | $ | 45,619 |  |  | $ | 1,327 |
The following table summarizes the key terms of our junior subordinated debt securities:
(dollars in thousands) | 2006 Junior Subordinated Debt |  | 2008 Trust Preferred Securities
Junior Subordinated Debt | $25,000 |  | —
Trust Preferred Securities | — |  | $20,619
Stated Maturity Date | 12/15/2036 |  | 3/15/2038
Optional redemption date at par | Any time after 9/15/2011 |  | Any time after 3/15/2013
Regulatory Capital | Tier 2 |  | Tier 1
Interest Rate | 3 month LIBOR plus 160 bps |  | 3 month LIBOR plus 350 bps
Interest Rate at December 31, 2017 | 2.92% |  | 4.82%
NOTE 16. LONG-TERM BORROWINGS AND SUBORDINATED DEBT - continued 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 of STBA Capital Trust I; 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.

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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