Borrowings and Subordinated Debentures (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of debt

The following table summarizes our borrowings as of the dates indicated:

	March 31, 2021				December 31, 2020
			Weighted				Weighted
			Average				Average
	Balance		Rate		Balance		Rate
	(Dollars in thousands)
FHLB secured advances	$	5,000	—	%	$	5,000	—	%
Other borrowings	14,750		6.50	%	—		—	%
Total borrowings	$	19,750	4.86	%	$	5,000	—	%

Federal Home Loan Bank, Advances

The following table presents the interest rates and maturity dates of FHLB secured advances as of the dates indicated:

	March 31, 2021					December 31, 2020
					Maturity					Maturity
	Balance		Rate		Date	Balance		Rate		Date
	(Dollars in thousands)
FHLB term advance	$	5,000	—	%	5/6/2021	$	5,000	—	%	5/6/2021
Other borrowing	8,125		6.50	%	9/1/2021	—		—	%	—
Other borrowing	6,625		6.50	%	10/1/2021	—		—	%	—
Total	$	19,750	4.86	%		$	5,000	—	%

Schedule of Subordinated Borrowing

The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated:

	March 31, 2021				December 31, 2020				Date	Maturity	Rate Index
Series	Balance		Rate		Balance		Rate		Issued	Date	(Quarterly Reset)
	(Dollars in thousands)
Trust V	$	10,310	3.28	%	$	10,310	3.33	%	8/15/2003	9/17/2033	3-month LIBOR + 3.10
Trust VI	10,310		3.23	%	10,310		3.27	%	9/3/2003	9/15/2033	3-month LIBOR + 3.05
Trust CII	5,155		3.13	%	5,155		3.18	%	9/17/2003	9/17/2033	3-month LIBOR + 2.95
Trust VII	61,856		2.96	%	61,856		2.96	%	2/5/2004	4/23/2034	3-month LIBOR + 2.75
Trust CIII	20,619		1.87	%	20,619		1.91	%	8/15/2005	9/15/2035	3-month LIBOR + 1.69
Trust FCCI	16,495		1.78	%	16,495		1.82	%	1/25/2007	3/15/2037	3-month LIBOR + 1.60
Trust FCBI	10,310		1.73	%	10,310		1.77	%	9/30/2005	12/15/2035	3-month LIBOR + 1.55
Trust CS 2005-1	82,475		2.13	%	82,475		2.17	%	11/21/2005	12/15/2035	3-month LIBOR + 1.95
Trust CS 2005-2	128,866		2.16	%	128,866		2.16	%	12/14/2005	1/30/2036	3-month LIBOR + 1.95
Trust CS 2006-1	51,545		2.16	%	51,545		2.16	%	2/22/2006	4/30/2036	3-month LIBOR + 1.95
Trust CS 2006-2	51,550		2.16	%	51,550		2.16	%	9/27/2006	10/30/2036	3-month LIBOR + 1.95
Trust CS 2006-3 (1)	30,234		1.51	%	31,487		1.54	%	9/29/2006	10/30/2036	3-month EURIBOR + 2.05
Trust CS 2006-4	16,470		2.16	%	16,470		2.16	%	12/5/2006	1/30/2037	3-month LIBOR + 1.95
Trust CS 2006-5	6,650		2.16	%	6,650		2.16	%	12/19/2006	1/30/2037	3-month LIBOR + 1.95
Trust CS 2007-2	39,177		2.16	%	39,177		2.16	%	6/13/2007	7/30/2037	3-month LIBOR + 1.95
Gross subordinated debentures	542,022		2.23	%	543,275		2.24	%
Unamortized discount (2)	(76,208)				(77,463)
Net subordinated debentures	$	465,814			$	465,812

___________________

(1)    Denomination is in Euros with a value of €25.8 million.

(2)    Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions.