Borrowings

12 Months Ended

Dec. 31, 2019

BORROWINGS

Short-term Borrowings

Short-term borrowings at December 31, 2019 and 2018 are as follows:



(Dollars in thousands)	2019		2018
Securities sold under customer repurchase agreements	$	442,956	$	543,936
Notes payable to FHLB of Atlanta	255,000		28,500
Other short-term debt	40,277		—
Unamortized purchase accounting adjustments⁽¹⁾	—		(149		)
Total short-term borrowings	$	738,233	$	572,287

⁽¹⁾At December 31, 2018, unamortized purchase accounting adjustments were $149 thousand for FHLB borrowings.

At December 31, 2019, BancShares had unused credit lines allowing contingent access to overnight borrowings of up to $582.7 million on an unsecured basis. Additionally, under borrowing arrangements with the FRB of Richmond and FHLB of Atlanta, BancShares has access to an additional $8.99 billion on a secured basis.

Repurchase Agreements

BancShares utilizes securities sold under agreements to repurchase to facilitate the needs of customers and secure wholesale funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price and interest rate. These agreements are recorded at the amount of cash received in connection with the transaction and are reflected as securities sold under customer repurchase agreements.

BancShares monitors collateral levels on a continuous basis and maintains records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with repurchase agreements is market risk associated with the investments securing the transactions, as additional collateral may be required based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with safekeeping agents. The carrying value of available for sale investment securities pledged as collateral under repurchase agreements was $477.6 million and $598.6 million at December 31, 2019 and December 31, 2018, respectively.

BancShares held securities sold under agreements to repurchase of $443.0 million at December 31, 2019, with overnight and continuous remaining contractual maturities collateralized by government agency securities and $543.9 million at December 31, 2018, with overnight and continuous remaining contractual maturities collateralized by U.S Treasury securities.

Long-term Borrowings

Long-term borrowings at December 31, 2019 and 2018 include:



(Dollars in thousands)	2019			2018
Junior subordinated debenture at 3-month LIBOR plus 1.75% maturing June 30, 2036	$	88,145		$	88,145
Junior subordinated debenture at 3-month LIBOR plus 2.25% maturing June 15, 2034	19,588			19,588
Junior subordinated debenture at 3-month LIBOR plus 2.85% maturing April 7, 2034	10,310			10,310
Junior subordinated debenture at 3-month LIBOR plus 2.00% maturing July 7, 2036	—			4,124
Junior subordinated debentures at 3-month LIBOR plus 2.80% maturing March 30, 2034	14,433			—
Junior subordinated debentures at 7.00% maturing December 31, 2026	20,000			20,000
Junior subordinated debentures at 6.50% maturing October 1, 2025	7,500			—
Junior subordinated debentures at 7.13% maturing February 25, 2025	5,000			—
Obligations under capitalized leases extending to December 2050	8,230			13,160
Notes payable to FHLBs of Atlanta and Chicago with rates ranging from 0.75% to 3.17% and maturing through March 2032	317,191			165,205
Unsecured term loan at 1-month LIBOR plus 1.10% maturing September 5, 2022	96,425			—
Unamortized purchase accounting adjustments⁽¹⁾	(1,569		)	(1,426		)
Other long-term debt	3,385			761
Total long-term obligations	$	588,638		$	319,867

⁽¹⁾At December 31, 2019, unamortized purchase accounting adjustments were $1.6 million for subordinated debentures and $6 thousand for FHLB advances. At December 31, 2018, unamortized purchase accounting adjustments were $1.4 million for subordinated debentures.

At December 31, 2019 and 2018, BancShares recorded $132.5 million and $122.2 million, respectively, in junior subordinated debentures representing obligations to FCB/NC Capital Trust III, FCB/SC Capital Trust II, SCB Capital Trust I, CCBI Capital Trust I and Macon Capital Trust I special purpose entities and grantor trusts (“the Trusts”) for trust preferred securities. The Trusts had outstanding trust preferred securities of $128.5 million and $118.5 million at December 31, 2019 and 2018, respectively, which mature in 2036, 2034, 2034, 2036 and 2034, respectively, and may be redeemed at par in whole or in part at any time. BancShares has guaranteed all obligations of its subsidiaries, FCB Capital Trust III and FCB/SC Capital Trust II. FCB has guaranteed all obligations of its trust subsidiaries, SCB Capital Trust I, CCBI Capital Trust I and Macon Capital Trust I. Macon Capital Trust I was acquired from Entegra during the fourth quarter of 2019 and has a related obligation of $14.4 million. CCBI Capital Trust I was acquired from Capital Commerce during the fourth quarter of 2018 and was fully redeemed, in whole, during 2019.

Long-term obligations included $32.5 million and $20.0 million at December 31, 2019 and 2018, respectively, of junior subordinated debentures maturing through 2026, assumed in the Biscayne Bancshares and HomeBancorp acquisitions.

Long-term borrowings maturing in each of the five years subsequent to December 31, 2019 and thereafter include:



	Year ended December 31
2020	$	61,995
2021	13,332
2022	114,138
2023	125,500
2024	6,526
Thereafter	267,147
Total long-term borrowings	$	588,638