XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.20.2

FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable | 9 Months Ended
--- | ---
Sep. 30, 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.
|  | September 30, 2020 |  |  |  |  |  | December 31, 2019 |  |  |  |
|  | Balance |  | Weighted Average Balance |  | Weighted Average Rate |  | Balance |  | Weighted Average Balance |  | Weighted Average Rate
|  | (Dollars in Thousands) |  |  |  |  |  |  |  |  |  |
Federal funds purchased |  | $ | — |  |  | $ | 95 |  |  | 0.69 | % |  | $ | — |  |  | $ | 59 |  |  | 2.45 | %
Federal Reserve PPPLF |  | 29,605 |  |  | 16,855 |  |  | 0.35 |  |  | — |  |  | — |  |  | — |
FHLB advances |  | 429,500 |  |  | 371,738 |  |  | 1.51 |  |  | 295,000 |  |  | 286,464 |  |  | 2.17 |
Other borrowings |  | 675 |  |  | 675 |  |  | 8.12 |  |  | 675 |  |  | 675 |  |  | 8.11 |
Subordinated notes payable(1) |  | 23,737 |  |  | 23,720 |  |  | 5.95 |  |  | 23,707 |  |  | 24,502 |  |  | 7.45 |
Junior subordinated notes |  | 10,058 |  |  | 10,052 |  |  | 11.08 |  |  | 10,047 |  |  | 10,040 |  |  | 11.08 |
|  | $ | 493,575 |  |  | $ | 423,135 |  |  | 1.95 |  |  | $ | 329,429 |  |  | $ | 321,740 |  |  | 2.87 |
Short-term borrowings |  | $ | 231,000 |  |  |  |  |  |  | $ | 118,500 |  |  |  |  |
Long-term borrowings |  | 262,575 |  |  |  |  |  |  | 210,929 |  |  |  |  |
|  | $ | 493,575 |  |  |  |  |  |  | $ | 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. During the nine months ended September 30, 2020, the Corporation prepaid $59.5 million of short-term FHLB advances that had a weighted average interest rate of 2.34%. The transaction was accounted for as an early debt extinguishment resulting in a pre-tax loss of $744,000 during the nine months ended September 30, 2020. During the second quarter of 2020, the Corporation tested its ability to borrow from the Federal Reserve Paycheck Protection Program Liquidity Facility (“PPPLF”) in the event funding was required to support the Banks PPP lending efforts. On April 28, 2020, the Corporation borrowed $29.6 million from the PPPLF at a rate of 0.35%. The borrowing is fully collateralized by a tranche of PPP loans originated by the Bank on April 15, 2020 and matures on April 15, 2022, or when the tranche of PPP loans utilized to collateralize the PPPLF borrowing are forgiven, whichever comes first. As of September 30, 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 fee on this line of credit. During both the nine months ended September 30, 2020 and 2019, the Corporation incurred interest expense of $10,000 due to this fee.

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