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Long-Term Borrowings

3 Months Ended

Mar. 31, 2020

Long-term Debt, Unclassified [Abstract]

Note 10. Long-Term Borrowings

The following table presents information related to the Company’s long-term borrowings as of March 31, 2020 and December 31, 2019.


(dollars in thousands)	March 31, 2020		December 31, 2019
Subordinated Notes, 5.75%	$	70,000	$	70,000
Subordinated Notes, 5.0%		150,000		150,000
FHLB Advance, 1.81%		50,000		—
Less: unamortized debt issuance costs		(2,216)		(2,313)
Long-term borrowings	$	267,784	$	217,687

On August 5, 2014, the Company completed the sale of $70.0 million of its 5.75% 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.

On February 26th, 2020, the Bank advanced $50 million dollars under its borrowing arrangement with the Federal Home Loan Bank of Atlanta at a fixed rate of 1.81% with a maturity date of February 26, 2030 as part of the overall asset liability strategy and to support loan growth.