XML 29 R17.htm IDEA: XBRL DOCUMENT v3.19.2
Long-Term Borrowings
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Long-Term Borrowings
 
Note 10. Long-Term Borrowings
 
 
The following table presents information related to the Company’s long-term borrowings as of June 30, 2019 and December 31, 2018.
 
(dollars in thousands)
 
June 30,
2019
 
 
December 31,
2018
 
Subordinated Notes, 5.75 %
 
$
70,000
 
 
$
70,000
 
Subordinated Notes, 5.0 %
 
 
150,000
 
 
 
150,000
 
Less: unamortized debt issuance costs
 
 
(2,509
)
 
 
(2,704
)
Long-term borrowings
 
$
217,491
 
 
$
217,296
 
 
 
On August 5, 2014, the Company completed the sale of $70.0 million of its5.75 % subordinated notes, due September 1, 2024 (the “ 2024 Notes”). The 2024 Notes were offered to the public at par and qualify as Tier 2 capital for regulatory purposes to the fullest extent permitted under the Basel III Rule capital requirements. The net proceeds were approximately $68.8 million, which includes $1.2 million in deferred financing costs which are being amortized over the life of the 2024 Notes.
 
On July 26, 2016, the Company completed the sale of $150.0 million of its 5.00 % Fixed-to-Floating Rate Subordinated Notes, due August 1, 2026 (the “ 2026 Notes”). The 2026 Notes were offered to the public at par and qualify as Tier 2 capital for regulatory purposes to the fullest extent permitted under the Basel III Rule capital requirements. The net proceeds were approximately $147.35 million, which includes $2.6 million in deferred financing costs which are being amortized over the life of the 2026 Notes.