XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Borrowings | 9 Months Ended
--- | ---
Sep. 30, 2016
Borrowings | Note 9. Borrowings The following table presents the components of borrowings as of the dates indicated:
|  | September 30, 2016 |  |  | December 31, 2015 |
(Amounts in thousands) |  | Balance |  |  | Weighted Average Rate(1) |  |  | Balance |  |  | Weighted Average Rate(1) |
Securities sold under agreements to repurchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail |  | $ | 68,532 |  |  |  | 0.07 | % |  | $ | 88,614 |  |  |  | 0.13 | %
Wholesale |  |  | 50,000 |  |  |  | 3.71 | % |  |  | 50,000 |  |  |  | 3.71 | %
Total securities sold under agreements to repurchase |  |  | 118,532 |  |  |  |  |  |  |  | 138,614 |  |  |  |  |
FHLB borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term advances |  |  | 25,000 |  |  |  | 0.36 | % |  |  | — |  |  |  | — |
Long-term advances |  |  | 65,000 |  |  |  | 4.04 | % |  |  | 65,000 |  |  |  | 4.04 | %
Total FHLB borrowings |  |  | 90,000 |  |  |  | 3.01 | % |  |  | 65,000 |  |  |  | 4.04 | %
Subordinated debt |  |  | 15,464 |  |  |  | 3.59 | % |  |  | 15,464 |  |  |  | 3.23 | %
Other debt |  |  | 243 |  |  |  |  |  |  |  | 292 |  |  |  |  |
Total borrowings |  | $ | 224,239 |  |  |  |  |  |  | $ | 219,370 |  |  |  |  |
(1) | Weighted average contractual rate
The following schedule presents the remaining contractual maturities of repurchase agreements, by type of collateral pledged, as of September 30, 2016:
(Amounts in thousands) |  | U.S. Agency Securities |  |  | Municipal Securities |  |  | Mortgage-backed Agency Securities |  |  | Total |
Overnight and continuous |  | $ | 19,542 |  |  | $ | 41,858 |  |  | $ | 4,663 |  |  | $ | 66,063 |
Up to 30 days |  |  | — |  |  |  | — |  |  |  | 202 |  |  |  | 202 |
30 — 90 days |  |  | — |  |  |  | — |  |  |  | 177 |  |  |  | 177 |
Greater than 90 days |  |  | — |  |  |  | 1,447 |  |  |  | 50,643 |  |  |  | 52,090 |
|  | $ | 19,542 |  |  | $ | 43,305 |  |  | $ | 55,685 |  |  | $ | 118,532 |
Investment securities pledged to secure repurchase agreements remain under the Company’s control during the agreements’ terms. The counterparties may redeem callable repurchase agreements, which could substantially shorten the borrowings’ lives. The prepayment or unwind of a repurchase agreement may result in substantial penalties based on market conditions. The following schedule presents the remaining contractual maturities of wholesale repurchase agreements and Federal Home Loan Bank (“FHLB”) borrowings, by year, as of September 30, 2016:
(Amounts in thousands) |  | Wholesale Repurchase Agreements |  |  | FHLB Borrowings |  |  | Total |
2016 |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | 50,000 |
2017 |  |  | — |  |  |  | 15,000 |  |  |  | 15,000 |
2018 |  |  | — |  |  |  | — |  |  |  | — |
2019 |  |  | 25,000 |  |  |  | — |  |  |  | 25,000 |
2020 |  |  | — |  |  |  | — |  |  |  | — |
2021 and thereafter |  |  | — |  |  |  | 50,000 |  |  |  | 50,000 |
|  | $ | 50,000 |  |  | $ | 90,000 |  |  | $ | 140,000 |
Weighted average maturity (in years) |  |  | 1.32 |  |  |  | 2.49 |  |  |  | 2.07 |
The FHLB may redeem callable advances at quarterly intervals, which could substantially shorten the advances’ lives. 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 pledged certain loans to secure FHLB advances and letters of credit of $965.09 million as of September 30, 2016. Unused borrowing capacity with the FHLB totaled $495.15 million, net of FHLB letters of credit used to collateralize public unit deposits of $74.32 million, as of September 30, 2016. The FHLB letters of credit provide an attractive alternative to pledging securities for public unit deposits. Subordinated debt consists of $15.46 million of junior subordinated debentures (“Debentures”) the Company issued to the Trust in October 2003 with an interest rate of three-month London InterBank Offered Rate (“LIBOR”) plus 2.95%. The Trust purchased 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 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 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 September 30, 2016, and December 31, 2015. In addition, the Company maintains a $15.00 million unsecured, committed line of credit with an unrelated financial institution with an interest rate of one-month LIBOR plus 2.00% and an April 2017 maturity. There was no outstanding balance on the line as of September 30, 2016, or December 31, 2015.

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