Long-Term Borrowings

3 Months Ended

Mar. 31, 2018

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 March 31, 2018 and December 31, 2017.

(dollars in thousands)	March 31, 2018			December 31, 2017
Subordinated Notes, 5.75%	$	70,000		$	70,000
Subordinated Notes, 5.0%		150,000			150,000
Less: debt issuance costs		(2,997	)		(3,095	)
Long-term borrowings	$	217,003		$	216,905

On August 5, 2014, the Company completed the sale of $70.0 million of its 5.75% subordinated notes, due September 1, 2024 (the “2024 Notes”). The 2024 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 2024 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.