Long-Term Borrowings

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Long-Term Borrowings

Note 8. Long-Term Borrowings

The following table presents information related to the Company’s long-term borrowings as of June 30, 2017, December 31, 2016 and June 30, 2016.

(dollars in thousands)	June 30, 2017			December 31, 2016			June 30, 2016
Subordinated Notes, 5.75%	$	70,000		$	70,000		$	70,000
Subordinated Notes, 5.0%		150,000			150,000			—
Less: debt issuance costs		(3,290	)		(3,486	)		(1,011	)
Long-term borrowings	$	216,710		$	216,514		$	68,989

On August 5, 2014, the Company completed the sale of $70.0 million of its 5.75% subordinated notes, due September 1, 2024 (the “Notes”). The Notes were offered to the public at par and qualify as Tier 2 capital for regulatory purposes to the fullest extent permitted under the Basel III Rule capital requirements. The net proceeds were approximately $68.8 million, which includes $1.2 million in deferred financing costs which are being amortized over the life of the Notes.

On July 26, 2016, the Company completed the sale of $150.0 million of its 5.00% Fixed-to-Floating Rate Subordinated Notes, due August 1, 2026 (the “2026 Notes”). The 2026 Notes were offered to the public at par and qualify as Tier 2 capital for regulatory purposes to the fullest extent permitted under the Basel III Rule capital requirements. The net proceeds were approximately $147.35 million, which includes $2.6 million in deferred financing costs which are being amortized over the life of the 2026 Notes.