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Long-Term Borrowings | 3 Months Ended
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Mar. 31, 2021
Long-term Debt, Unclassified [Abstract] |
Long-Term Borrowings | Long-Term Borrowings The following table presents information related to the Company’s long-term borrowings as of March 31, 2021 (unaudited) and December 31, 2020.
(dollars in thousands) |  | March 31, 2021 |  | December 31, 2020
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 |  | (1,825) |  |  | (1,923) |
Long-term borrowings |  | $ | 218,175 |  |  | $ | 268,077 |
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 $147.4 million, which includes $2.6 million in deferred financing costs which are being amortized over the life of the 2026 Notes. We are in the process of evaluating the impact of the expected discontinuation of LIBOR on the 2026 notes. On February 26, 2020, the Bank borrowed $50 million dollars under its borrowing arrangement with the FHLB 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. In the first quarter of 2021, we realized a net gain of $911 thousand on the cancellation of this debt.

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- Definition The entire disclosure for long-term debt. + 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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