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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable

9 Months Ended

Sep. 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.

		September 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		$	—			$	49			2.70	%		$	—			$	119			2.43	%
FHLB advances		308,500				280,539				2.20			274,500				274,382				2.06
Line of credit		—				—				—			—				3				4.47
Other borrowings		675				675				8.09			675				675				7.94
Subordinated notes payable(1)		23,722				24,772				7.93			23,769				23,739				6.64
Junior subordinated notes		10,044				10,038				11.05			10,033				10,025				11.10
		$	342,941			$	316,073			2.95			$	308,977			$	308,943			2.72
Short-term borrowings		$	119,000										$	136,500
Long-term borrowings		223,941											172,477
		$	342,941										$	308,977

(1) Weighted average rate of subordinated notes payable reflects the accelerated amortization of subordinated debt issuance costs as a result of the early redemption of a subordinated note during the third quarter of 2019.

As of September 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 both the nine months ended September 30, 2019 and 2018, 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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