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Borrowings | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Borrowings | Borrowings Information relating to short-term and long-term borrowings is as follows for the years ended December 31:
|  | 2020 |  | 2019
(dollars in thousands) |  | Amount |  | Rate |  | Amount |  | Rate
Short-term: |  |  |  |  |  |  |  |
At Year-End: |  |  |  |  |  |  |  |
Customer repurchase agreements and federal funds purchased |  | $ | 26,726 |  |  | 0.26 | % |  | $ | 30,980 |  |  | 1.18 | %
Federal Home Loan Bank – current portion |  | 300,000 |  |  | 0.67 | % |  | 250,000 |  |  | 0.39 | %
Total |  | $ | 326,726 |  |  |  |  | $ | 280,980 |  |  |
Average Daily Balance: |  |  |  |  |  |  |  |
Customer repurchase agreements and federal funds purchased |  | $ | 29,345 |  |  | 1.00 | % |  | $ | 30,024 |  |  | 1.15 | %
Federal Home Loan Bank – current portion |  | 280,126 |  |  | 0.66 | % |  | 135,699 |  |  | 1.67 | %
Total |  | $ | 309,471 |  |  |  |  | $ | 165,723 |  |  |
Maximum Month-end Balance: |  |  |  |  |  |  |  |
Customer repurchase agreements and federal funds purchased |  | $ | 32,987 |  |  | 1.13 | % |  | $ | 34,852 |  |  | 0.89 | %
Federal Home Loan Bank – current portion |  | 300,000 |  |  | 0.67 | % |  | 440,000 |  |  | 0.92 | %
Total |  | $ | 332,987 |  |  |  |  | $ | 474,852 |  |  |
Long-term: |  |  |  |  |  |  |  |
At Year-End: |  |  |  |  |  |  |  |
Subordinated Notes |  | $ | 220,000 |  |  | 5.42 | % |  | $ | 220,000 |  |  | 5.42 | %
Borrowings |  | 50,000 |  |  | 1.81 | % |  | — |  |  | — | %
Average Daily Balance: |  |  |  |  |  |  |  |
Subordinated Notes |  | $ | 220,000 |  |  | 5.42 | % |  | $ | 220,000 |  |  | 5.42 | %
Borrowings |  | 50,000 |  |  | 1.81 | % |  | — |  |  | — | %
Maximum Month-end Balance: |  |  |  |  |  |  |  |
Subordinated Notes |  | $ | 220,000 |  |  | 5.42 | % |  | $ | 220,000 |  |  | 5.42 | %
Borrowings |  | 50,000 |  |  | 1.81 | % |  | — |  |  | — | %
The Company offers its business customers a repurchase agreement sweep account in which it collateralizes these funds with U.S. agency and mortgage backed securities segregated in its investment portfolio for this purpose. By entering into the agreement, the customer agrees to have the Bank repurchase the designated securities on the business day following the initial transaction in consideration of the payment of interest at the rate prevailing on the day of the transaction. The Bank can purchase up to $170 million in federal funds on an unsecured basis from its correspondents, against which there were no amounts outstanding at December 31, 2020 and can place brokered funds under one-way CDARS and ICS deposits in the amount of $1.5 billion, against which there was $682 thousand outstanding at December 31, 2020. The Bank also has a commitment at December 31, 2020 from IntraFi to place up to $1.5 billion of brokered deposits from its Insured Network Deposits (“IND”) program in amounts requested by the Bank, as compared to an actual balance of $1.3 billion at December 31, 2020. At December 31, 2020, the Bank was also eligible to take advances from the FHLB up to $1.6 billion based on collateral at the FHLB, of which there was $350 million outstanding at December 31, 2020. The Bank may enter into repurchase agreements as well as obtain additional borrowing capabilities from the FHLB provided adequate collateral exists to secure these lending relationships. The Bank also has a back-up borrowing facility through the Discount Window at the Federal Reserve Bank of Richmond (“Federal Reserve Bank”). This facility, which amounts to approximately $644.6 million, is collateralized with specific loan assets pledged to the Federal Reserve Bank. It is anticipated that, except for periodic testing, this facility would be utilized for contingency funding only. 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 Notes were offered to the public at par. The 2024 Notes 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 $147.4 million, which includes $2.6 million in deferred financing costs which is being amortized over the life of the 2026 Notes. On February 26, 2020, the Bank borrowed $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.

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- 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
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