XML 33 R19.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Borrowings | 12 Months Ended
--- | ---
Dec. 31, 2015
Borrowings |
Note 11. | Borrowings
Short-term borrowings generally consist of federal funds purchased and retail repurchase agreements, which are typically collateralized with agency MBS. Long-term borrowings consist of wholesale repurchase agreements; FHLB borrowings, including convertible and callable advances; and other obligations. The following table presents the composition of borrowings as of the dates indicated:
|  | December 31, |
|  | 2015 |  |  | 2014 |
(Amounts in thousands) |  | Balance |  |  | Weighted Average Rate (1) |  |  | Balance |  |  | Weighted Average Rate(1) |
Federal funds purchased |  | $ | — |  |  |  | — |  |  | $ | — |  |  |  | — |
Securities sold under agreements to repurchase: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  |  | 88,614 |  |  |  | 0.10 | % |  |  | 71,742 |  |  |  | 0.13 | %
Wholesale |  |  | 50,000 |  |  |  | 3.71 | % |  |  | 50,000 |  |  |  | 3.71 | %
Total securities sold under agreements to repurchase |  |  | 138,614 |  |  |  |  |  |  |  | 121,742 |  |  |  |  |
FHLB borrowings |  |  | 65,000 |  |  |  | 4.03 | % |  |  | 90,000 |  |  |  | 4.07 | %
Subordinated debt |  |  | 15,464 |  |  |  |  |  |  |  | 15,464 |  |  |  |  |
Other debt |  |  | 292 |  |  |  |  |  |  |  | 2,535 |  |  |  |  |
Total borrowings |  | $ | 219,370 |  |  |  |  |  |  | $ | 229,741 |  |  |  |  |
(1) | Weighted average contractual rate
The following schedule presents the remaining contractual maturities of repurchase agreements, by type of collateral pledged, as of December 31, 2015:
(Amounts in thousands) |  | Overnight and Continuous |  |  | Up to 30 Days |  |  | 30-90 Days |  |  | Greater Than 90 Days |  |  | Total |
U.S. Agency securities |  | $ | 71,588 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 71,588 |
Municipal securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,047 |  |  |  | 1,047 |
Mortgage-backed Agency securities |  |  | 15,016 |  |  |  | 202 |  |  |  | — |  |  |  | 50,761 |  |  |  | 65,979 |
Total |  | $ | 86,604 |  |  | $ | 202 |  |  | $ | — |  |  | $ | 51,808 |  |  | $ | 138,614 |
The following schedule presents the contractual maturities of wholesale repurchase agreements and FHLB borrowings, by year, as of December 31, 2015:
(Amounts in thousands) |  | Wholesale Repurchase Agreements |  |  | FHLB Borrowings |  |  | Total |
2016 |  | $ | 25,000 |  |  | $ | — |  |  | $ | 25,000 |
2017 |  |  | — |  |  |  | 15,000 |  |  |  | 15,000 |
2018 |  |  | — |  |  |  | — |  |  |  | — |
2019 |  |  | 25,000 |  |  |  | — |  |  |  | 25,000 |
2020 |  |  | — |  |  |  | — |  |  |  | — |
2021 and thereafter |  |  | — |  |  |  | 50,000 |  |  |  | 50,000 |
|  | $ | 50,000 |  |  | $ | 65,000 |  |  | $ | 115,000 |
Weighted average maturity (in years) |  |  | 2.08 |  |  |  | 4.17 |  |  |  | 3.26 |
The counterparties to the repurchase agreements may call those borrowings, which could substantially shorten the lives of the borrowings. Prepayment, or unwind, of a repurchase agreement may result in substantial penalties based on market conditions. The FHLB may redeem callable advances at quarterly intervals, which could substantially shorten the lives of the advances. If called, the advance may be paid in full or converted into another FHLB credit product. Prepayment of an advance may result in substantial penalties based on the differential between the contractual note and current advance rate for similar maturities. The Company prepaid $25 million of a FHLB convertible advance bearing an interest rate of 4.15% that was scheduled to mature in 2017 during the second quarter of 2015. The prepayment penalty associated with the $25 million FHLB debt repayment totaled $1.70 million. The Company is required to pledge qualifying collateral to secure FHLB advances and letters of credit. As of December 31, 2015, the Company provided for FHLB letters of credit to collateralize public unit deposits totaling $22.69 million. FHLB borrowings were secured by qualifying loans that totaled $874.68 million as of December 31, 2015. Unused borrowing capacity with the FHLB, net of FHLB letters of credit, totaled $403.10 million as of December 31, 2015. Subordinated debt consists of Company-issued junior subordinated debentures (“Debentures”). The Company-issued Debentures totaling $15.46 million to the Trust in October 2003 with an interest rate of three-month London InterBank Offered Rate (“LIBOR”) plus 2.95%. The Trust was able to purchase the Debentures through the issuance of trust preferred securities, which had substantially identical terms as the Debentures. The Debentures mature on October 8, 2033, and are currently callable quarterly. Net proceeds from the offering were contributed as capital to the Bank to support further growth. The Company’s obligations under the Debentures and other relevant Trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of the Trust’s obligations. The preferred securities issued by the Trust are not included in the Company’s consolidated balance sheets; however, these securities qualify as Tier 1 capital for regulatory purposes, subject to guidelines issued by the Board of Governors of the Federal Reserve System (“Federal Reserve”). The Federal Reserve’s quantitative limits did not prevent the Company from including all $15.46 million in trust preferred securities outstanding in Tier 1 capital as of December 31, 2015, and December 31, 2014. The Company maintains a $15.00 million unsecured, committed line of credit with an unrelated financial institution that carries an interest rate of one-month LIBOR plus 2.00% and matures in April 2016. As of December 31, 2015, there was no outstanding balance on the line compared to an outstanding balance of $2.00 million as of December 31, 2014.

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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration