XML 24 R18.htm IDEA: XBRL DOCUMENT v3.20.1

FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable

3 Months Ended

Mar. 31, 2020

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.

		March 31, 2020											December 31, 2019
		Balance				Weighted Average Balance				Weighted Average Rate			Balance				Weighted Average Balance				Weighted Average Rate
		(Dollars in Thousands)
Federal funds purchased		$	—			$	—			—	%		$	—			$	59			2.45	%
FHLB advances		388,500				325,929				1.91			295,000				286,464				2.17
Other borrowings		675				675				8.09			675				675				8.11
Subordinated notes payable(1)		23,717				23,710				5.95			23,707				24,502				7.45
Junior subordinated notes		10,051				10,048				11.04			10,047				10,040				11.08
		$	422,943			$	360,362			2.45			$	329,429			$	321,740			2.87
Short-term borrowings		$	162,000										$	118,500
Long-term borrowings		260,943											210,929
		$	422,943										$	329,429

(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 March 31, 2020 and December 31, 2019, 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, 2020, the Corporation pays a commitment fee on this line of credit. During both the three months ended March 31, 2020 and 2019, the Corporation incurred interest expense due to this fee of $3,000.

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_DebtDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration