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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable

FHLB Advances, Other Borrowings and Junior Subordinated Notes

The composition of borrowed funds at June 30, 2017 and December 31, 2016 is shown below. Average balances represent year-to-date averages.

		June 30, 2017											December 31, 2016
		Balance				Weighted Average Balance				Weighted Average Rate			Balance				Weighted Average Balance				Weighted Average Rate
		(Dollars in Thousands)
Federal funds purchased		$	—			$	122			1.16	%		$	—			$	178			0.92	%
FHLB advances		82,000				74,118				1.17			33,578				14,485				0.97
Line of credit		10				651				3.60			1,010				2,079				3.26
Other borrowings(1)		675				1,816				16.65			2,590				1,739				7.64
Subordinated notes payable		23,710				22,615				7.25			22,498				22,467				7.13
Junior subordinated notes		10,012				10,007				11.03			10,004				9,997				11.07
		$	116,407			$	109,329			3.61			$	69,680			$	50,945			6.03
Short-term borrowings		$	26,010										$	20,588
Long-term borrowings		90,397											49,092
		$	116,407										$	69,680

(1) Weighted average rate of other borrowings reflects the cost of prepaying a secured borrowing during the second quarter of 2017.

As of June 30, 2017 and December 31, 2016, the Corporation was in compliance with its debt covenants under its third-party secured senior line of credit. Per the promissory note dated February 19, 2017, the Corporation pays a commitment fee on this line of credit. During both the six months ended June 30, 2017 and 2016, the Corporation incurred interest expense due to this fee of $7,000.

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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