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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable

6 Months Ended

Jun. 30, 2019

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.

		June 30, 2019											December 31, 2018
		Balance				Weighted Average Balance				Weighted Average Rate			Balance				Weighted Average Balance				Weighted Average Rate
		(Dollars in Thousands)
Federal funds purchased		$	—			$	—			—	%		$	—			$	119			2.43	%
FHLB advances		273,500				267,058				2.21			274,500				274,382				2.06
Line of credit		—				—				—			—				3				4.47
Other borrowings		675				675				8.04			675				675				7.94
Subordinated notes payable		23,797				23,781				6.63			23,769				23,739				6.64
Junior subordinated notes		10,040				10,036				10.99			10,033				10,025				11.10
		$	308,012			$	301,550			2.87			$	308,977			$	308,943			2.72
Short-term borrowings		$	128,500										$	136,500
Long-term borrowings		179,512											172,477
		$	308,012										$	308,977

As of June 30, 2019 and December 31, 2018, 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, 2019, the Corporation pays a commitment fee on this line of credit. During the six months ended June 30, 2019 and 2018, the Corporation incurred interest expense due to this fee of $6,000 and $7,000, respectively.

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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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