Short-Term Borrowings and Long-Term Debt

12 Months Ended

Dec. 31, 2021

Short-Term Borrowings and Long-Term Debt [Abstract]

Short-Term Borrowings and Long-Term Debt

NOTE 9 – SHORT-TERM AND LONG-TERM BORROWINGS

Short-term borrowings as of December 31, 2021 and 2020 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below.

	December 31				Maximum Outstanding
	2021		2020		2021		2020
	(in thousands)
Federal funds purchased	$	—	$	—	$	—	$	200,000
Short-term FHLB advances (1)	—		—		—		980,000
Customer funding (2)	416,764		630,066		552,547		630,066
Total short-term borrowings	$	416,764	$	630,066

(1) Represents FHLB advances with an original maturity term of less than one year.

(2) Includes short-term promissory notes.

As of December 31, 2021, the Corporation had aggregate availability under federal funds lines of $2.1 billion. A combination of commercial real estate loans, commercial loans, consumer loans and investment securities were pledged to the FRB to provide access to FRB discount window borrowings. As of December 31, 2021 and 2020, the Corporation had $0.9 billion and $0.3 billion, respectively, of collateralized borrowing availability at the FRB discount window, and no outstanding borrowings.

FHLB advances with an original maturity of one year or more and long-term borrowings included the following as of December 31:

	2021		2020
	(in thousands)
FHLB advances	$	—	$	535,973
Subordinated debt	543,778		625,000
Senior notes	65,000		125,000
Junior subordinated deferrable interest debentures	16,496		16,496
Other long-term debt	939		507
Unamortized discounts and issuance costs	(4,868)		(6,713)
Total long-term borrowings	$	621,345	$	1,296,263

As of December 31, 2021, the Corporation had additional borrowing capacity of approximately $5.8 billion with the FHLB. Advances from the FHLB are secured by FHLB stock, qualifying residential mortgages, investment securities and other assets.

The following table summarizes the scheduled maturities with an original maturity of one year or more and long-term borrowings as of December 31, 2021 (in thousands):

Year
2022	$	65,313
2023	313
2024	169,091
2025	—
2026	—
Thereafter	391,496
Unamortized discounts and issuance costs	(4,868)
	$	621,345

In March 2020, the Corporation issued $200.0 million and $175.0 million of subordinated notes due in 2030 and 2035, respectively. The subordinated notes maturing in 2030 were issued with a fixed-to-floating rate of 3.25% and an effective rate of 3.35%, due to issuance costs, and the subordinated notes maturing in 2035 were issued with a fixed-to-floating rate of 3.75% and an effective rate of 3.85%, due to issuance costs.

In March 2017, the Corporation issued $125.0 million of senior notes, with a fixed rate of 3.60% and an effective rate of 3.95%, as a result of discounts and issuance costs, which mature on March 16, 2022. Interest is paid semi-annually in September and March. In June 2015, the Corporation issued $150.0 million of subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of 4.69% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November. In November 2014, the Corporation issued $100.0 million of subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of 4.87% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November.

As of December 31, 2021, the Parent Company owned all of the common stock of three subsidiary trusts, which have issued TruPS in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The TruPS are redeemable on specified dates, or earlier if certain events arise.

The following table provides details of the debentures as of December 31, 2021 (dollars in thousands):

Debentures Issued to	Fixed/ Variable	Interest Rate		Amount		Maturity	Callable	Call Price
Columbia Bancorp Statutory Trust	Variable	2.78	%	$	6,186	06/30/34	03/31/22	100.0
Columbia Bancorp Statutory Trust II	Variable	2.09	%	4,124		03/15/35	03/15/22	100.0
Columbia Bancorp Statutory Trust III	Variable	1.97	%	6,186		06/15/35	03/15/22	100.0
				$	16,496