XML 47 R20.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Borrowings | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Borrowings | Borrowings At December 31, 2019 and 2018, the Corporation had available one $10 million unsecured line of credit with an unaffiliated institution, at a variable interest rate with a floor as defined in the agreement. There were no borrowings on the line of credit at December 31, 2019 and 2018. FHLB Borrowings At December 31, 2019, the Bank had remaining borrowing capacity with the FHLB of $422,490. At December 31, 2019, borrowings with the FHLB are secured by a pledge of certain loans with a balance of $900,132. At December 31, 2019 and 2018, advances from the FHLB are as follows:
|  | 2019 |  | 2018
Maturities range from 6/29/2020 through 2/11/2033; rates fixed at a range of 1.27% to 5.24%; weighted average rate is 2.13% as of December 31, 2019. Maturities range from 6/28/2019 through 2/11/2033; rates fixed at a range of 1.17% to 5.24%; weighted average rate is 2.06% as of December 31, 2018. |  | $ | 227,907 |  |  | $ | 245,117 |
Open Repo borrowing at an interest rate of 1.81% at December 31, 2019. The maximum amount of the Open Repo borrowing available is $150,000. |  | 0 |  |  | 0 |
Total |  | $ | 227,907 |  |  | $ | 245,117 |
Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances. Other Borrowings At December 31, 2019 and 2018, the Bank had no outstanding borrowings from unaffiliated institutions under overnight borrowing agreements. Subordinated Debentures In 2007, the Corporation issued two $10,000 floating rate trust preferred securities as part of a pooled offering of such securities. The interest rate on each offering is determined quarterly and floats based on the 3 month LIBOR plus 1.55% and was 3.44% at December 31, 2019 and 4.36% at December 31, 2018. The Corporation issued subordinated debentures to the trusts in exchange for the proceeds of the offerings, which debentures represent the sole assets of the trusts. The subordinated debentures must be redeemed no later than 2037. The Corporation may redeem the debentures, in whole or in part, at face value at any time. The Corporation has the option to defer interest payments from time to time for a period not to exceed five consecutive years. Although the trusts are variable interest entities, the Corporation is not the primary beneficiary. As a result, because the trusts are not consolidated with the Corporation, the Corporation does not report the securities issued by the trusts as liabilities. Instead, the Corporation reports as liabilities the subordinated debentures issued by the Corporation and held by the trusts, since the liabilities are not eliminated in consolidation. In September 2016, the Corporation completed a private placement of $50,000 in aggregate principal amount of fixed-to-floating rate subordinated notes. The notes will mature in October 2026, and will initially bear interest at a fixed rate of 5.75% per annum, payable semi-annually in arrears, to, but excluding, October 15, 2021, and thereafter to, but excluding, the maturity date or earlier redemption, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month LIBOR rate plus 4.55%. These subordinated notes were designed to qualify as Tier 2 capital under the Federal Reserve’s capital guidelines and were given an investment grade rating of BBB- by Kroll Bond Rating Agency. Maturity Schedule of All Borrowed Funds The following is a schedule of maturities of all borrowed funds as of December 31, 2019:
2020 | $ | 37,505 |
2021 | 33,740 |
2022 | 72,931 |
2023 | 51,244 |
2024 | 31,256 |
Thereafter | 71,851 |
Total borrowed funds | $ | 298,527 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration