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BORROWINGS (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Short-Term Borrowings

Total short-term borrowings consist of the following as of March 31, 2020 and December 31, 2019 (dollars in thousands):

    

March 31, 

December 31, 

 

2020

2019

 

Securities sold under agreements to repurchase

$

56,781

$

66,053

Federal Funds Purchased

25,000

FHLB advances

 

355,000

 

370,200

Total short-term borrowings

$

436,781

$

436,253

Average outstanding balance during the period

$

364,931

$

673,116

Average interest rate (during the period)

 

1.48

%  

 

2.30

%

Average interest rate at end of period

 

1.30

%  

 

1.52

%

Trust Preferred Capital Notes Qualify for Tier 2 Capital

The trust preferred capital notes currently qualify for Tier 2 capital of the Company for regulatory purposes. The Company’s trust preferred capital notes consist of the following as of March 31, 2020:

    

Trust

    

    

    

    

Preferred

Capital

Spread to

Securities (1)

Investment (1)

3-Month LIBOR

Rate (2)

Maturity

Trust Preferred Capital Note - Statutory Trust I

$

22,500,000

$

696,000

 

2.75

%  

4.20

%  

6/17/2034

Trust Preferred Capital Note - Statutory Trust II

 

36,000,000

 

1,114,000

 

1.40

%  

2.85

%  

6/15/2036

VFG Limited Liability Trust I Indenture

 

20,000,000

 

619,000

 

2.73

%  

4.18

%  

3/18/2034

FNB Statutory Trust II Indenture

 

12,000,000

 

372,000

 

3.10

%  

4.55

%  

6/26/2033

Gateway Capital Statutory Trust I

 

8,000,000

 

248,000

 

3.10

%  

4.55

%  

9/17/2033

Gateway Capital Statutory Trust II

 

7,000,000

 

217,000

 

2.65

%  

4.10

%  

6/17/2034

Gateway Capital Statutory Trust III

 

15,000,000

 

464,000

 

1.50

%  

2.95

%  

5/30/2036

Gateway Capital Statutory Trust IV

 

25,000,000

 

774,000

 

1.55

%  

3.00

%  

7/30/2037

MFC Capital Trust II

 

5,000,000

 

155,000

 

2.85

%  

4.30

%  

1/23/2034

Total

$

150,500,000

$

4,659,000

 

  

 

  

 

  

(1)The total of the trust preferred capital securities and investments in the respective trusts represents the principal asset of the Company’s junior subordinated debt securities with like maturities and like interest rates to the capital securities. The Company’s investment in the trusts is reported in "Other Assets" on the Company’s Consolidated Balance Sheets.
(2)Rate as of March 31, 2020.
Advances from the FHLB

As of March 31, 2020, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands):

    

Spread to

    

    

    

3-Month

Interest

Long-term Type

LIBOR

Rate (1)

Maturity Date

Advance Amount

Convertible Flipper

 

(0.75)

%  

0.70

%  

8/17/2029

$

50,000

Convertible Flipper

 

(0.50)

%  

0.95

%  

5/15/2024

 

200,000

Convertible Flipper

 

(0.75)

%  

0.70

%  

5/22/2029

 

150,000

Convertible Flipper

 

(0.75)

%  

0.70

%  

5/30/2029

 

50,000

Convertible Flipper

(0.75)

%  

0.70

%  

6/21/2029

100,000

Fixed Rate Convertible

-

1.78

%  

10/26/2028

200,000

Fixed Rate Hybrid

-

1.58

%  

5/18/2020

20,000

Fixed Rate Credit

-

1.54

%  

10/2/2020

10,000

$

780,000

(1)Interest rates calculated using non-rounded numbers.

As of December 31, 2019, the Company had long-term advances from the FHLB consisting of the following (dollars in thousands):

    

Spread to

    

    

    

3-Month

Interest

Long-term Type

LIBOR

Rate (1)

Maturity Date

Advance Amount

Convertible Flipper

 

(0.75)

%  

1.16

%  

8/17/2029

$

50,000

Convertible Flipper

 

(0.50)

%  

1.41

%  

5/15/2024

 

200,000

Convertible Flipper

 

(0.75)

%  

1.16

%  

5/22/2029

 

150,000

Convertible Flipper

 

(0.75)

%  

1.16

%  

5/30/2029

 

50,000

Convertible Flipper

 

(0.75)

%  

1.16

%  

6/21/2029

 

100,000

Fixed Rate Convertible

 

-

1.78

%  

10/26/2028

 

200,000

Fixed Rate Hybrid

 

-

1.58

%  

5/18/2020

 

20,000

Fixed Rate Credit

-

1.54

%  

10/2/2020

10,000

$

780,000

(1)Interest rates calculated using non-rounded numbers.

Contractual Maturities of Long-Term Debt

As of March 31, 2020, the contractual maturities of long-term debt are as follows for the years ending (dollars in thousands):

    

Trust

    

    

    

    

Preferred

Fair Value

Capital

Subordinated

FHLB

Premium

Total Long-term

Notes

Debt

Advances

(Discount) (1)

Borrowings

For the remaining nine months of 2020

$

$

$

30,000

$

(646)

$

29,354

2021

 

 

 

 

(1,008)

 

(1,008)

2022

 

 

 

 

(1,030)

 

(1,030)

2023

 

 

 

 

(1,053)

 

(1,053)

2024

 

 

 

200,000

 

(1,078)

 

198,922

Thereafter

 

155,159

 

158,500

 

550,000

 

(11,161)

 

852,498

Total long-term borrowings

$

155,159

$

158,500

$

780,000

$

(15,976)

$

1,077,683

(1)Includes discount on issued subordinated notes.