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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable

9 Months Ended

Sep. 30, 2018

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 is shown below. Average balances represent year-to-date averages.

		September 30, 2018											December 31, 2017
		Balance				Weighted Average Balance				Weighted Average Rate			Balance				Weighted Average Balance				Weighted Average Rate
		(Dollars in Thousands)
Federal funds purchased		$	—			$	159			2.43	%		$	—			$	66			1.22	%
FHLB advances		257,000				277,866				2.01			183,500				105,276				1.40
Line of credit		—				5				4.46			10				328				3.64
Other borrowings(1)		675				675				8.12			675				1,241				14.50
Subordinated notes payable		23,755				23,732				6.65			23,713				23,161				6.93
Junior subordinated notes		10,029				10,023				11.07			10,019				10,011				11.11
		$	291,459			$	312,460			2.67			$	217,917			$	140,083			3.14
Short-term borrowings		$	105,500										$	37,010
Long-term borrowings		185,959											180,907
		$	291,459										$	217,917

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

As of September 30, 2018 and December 31, 2017, 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, 2018, the Corporation pays a commitment fee on this line of credit. During both the nine months ended September 30, 2018 and 2017, the Corporation incurred interest expense due to this fee of $10,000.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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