Other Borrowings and Long Term Debt |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other Borrowings and Long Term Debt | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other Borrowings and Long Term Debt | NOTE 11 – OTHER BORROWINGS AND LONG TERM DEBT There were no FHLB borrowings outstanding as of September 30, 2021, and December 31, 2020. There was no interest expense for FHLB borrowings for the three and nine months ended September 30, 2021. For the three and nine months ended September 30, 2020, interest expense for FHLB borrowings totaled $16,000 and $54,000, respectively. At September 30, 2021, the Company had available line of credit commitments with the FHLB totaling $1.1 billion, with no outstanding FHLB advances. However, based on actual collateral pledged, $84.3 million was available. At September 30, 2021, the Company had an available line of credit based on the collateral available of $298.7 million with the FRB. There was no interest expense on federal funds purchased for the three and nine months ended September 30, 2021. Interest expense on federal funds purchased for the three and nine months ended September 30, 2020, was $3,000 and $41,000, respectively. On August 20, 2020, Atlantic Capital issued 5.50% fixed-to-floating rate subordinated notes (the “Notes”) totaling $75 million in aggregate principal amount and callable at par plus accrued but unpaid interest on September 1, 2025. The Notes are due September 1, 2030 and bear a fixed rate of interest of 5.50% per year until September 1, 2025. From September 1, 2025 to the maturity date, the interest rate will be a floating rate equal to the three-month SOFR plus 536.3 basis points. The Notes were priced at 100% of their par value and qualify as Tier 2 regulatory capital. Subordinated debt is summarized as follows:
All subordinated debt outstanding at September 30, 2021 matures after more than five years. |