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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable

3 Months Ended

Mar. 31, 2021

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, 2021																		December 31, 2020
						Balance						Weighted Average Balance						Weighted Average Rate						Balance						Weighted Average Balance						Weighted Average Rate
						(Dollars in Thousands)
Federal funds purchased						$	—					$	—					—		%				$	—					$	71					0.69		%
Federal Reserve PPPLF						—						—						—						—						15,207						0.35
FHLB advances						415,800						366,670						1.36						394,500						379,891						1.45
Other borrowings						8,860						3,545						5.05						920						676						12.60
Subordinated notes payable						23,757						23,751						5.94						23,747						23,725						5.95
Junior subordinated notes						10,065						10,063						10.91						10,062						10,054						11.09
						$	458,482					$	404,029					1.91						$	429,229					$	429,624					1.91

A summary of annual maturities of borrowings at March 31, 2021 is as follows:

(In Thousands)
Maturities during the year ended December 31,
2021						$	171,260
2022						29,000
2023						37,300
2024						35,500
2025						20,925
Thereafter						164,497
						$	458,482

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 was 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 November 2, 2020, the borrowing was paid in full.

As of March 31, 2021 and December 31, 2020, the Corporation had other borrowings of $8.9 million and $920,000 respectively, which consisted of $7.9 million of sold loans accounted for as secured borrowings because they did not qualify for true sale accounting, and borrowings associated with our investment in a community development entity.

As of March 31, 2021 and December 31, 2020, 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, 2021, the Corporation pays a fee on this line of credit. During both the three months ended March 31, 2021 and 2020, the Corporation incurred interest expense of $3,000 due to this fee.

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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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