BORROWINGS

A summary of short-term borrowings and long-term debt is presented below.



	December 31, 2014		December 31, 2013
Short-term borrowings:
FHLB advances maturing within one year	$	250,500	$	126,500

Long-term debt:
FHLB advances maturing beyond one year	$	104,651	$	19,299
Subordinated term loan due 2018	7,060		6,961
Subordinated notes due 2023	38,050		38,050
Junior subordinated debt to unconsolidated trusts:
Maturing October 7, 2033	5,629		5,560
Maturing December 15, 2033	6,687		—
Maturing December 15, 2037	12,115		—
Capital lease obligations and other debt	5,972		3,051
Total long-term debt	$	180,164	$	72,921

The Company may purchase federal funds through unsecured federal funds lines of credit with various correspondent banks, which totaled $172,000 as of December 31, 2014. These lines are intended for short-term borrowings and are subject to restrictions limiting the frequency and terms of advances. These lines of credit are payable on demand and bear interest based upon the daily federal funds rate. The Company had no outstanding balances on the lines of credit as of December 31, 2014 or 2013.

The Company may borrow funds through the Federal Reserve Bank’s discount window. These borrowings are secured by a blanket floating lien on qualifying construction, land acquisition and development loans, commercial and industrial loans, and consumer loans with a total collateral value of $4,877. Depending on the type of loan collateral, the Company may borrow between 60 and 65 percent of the collateral value pledged. The Company had no outstanding borrowings at the discount window as of December 31, 2014 or 2013.

On July 2, 2014, the Company entered into a loan agreement with a correspondent bank providing for a revolving loan of up to $10,000 at the holding company. Borrowings under the holding company loan agreement accrue interest at LIBOR plus 4.00 percent. The holding company loan agreement will expire on July 1, 2015. However, the Company may extend the maturity date by twelve months so long as it is not in default under the holding company loan agreement. The obligations of the holding company loan agreement are secured by, among other things, a pledge of all of the capital stock of Yadkin Bank. The Company had no outstanding balances on the holding company loan agreement as of December 31, 2014.

FHLB Advances

The Company had $159,752 of remaining availability on its credit line with the FHLB for advances as of December 31, 2014. These advances are secured by a blanket floating lien on qualifying commercial real estate loans, multifamily loans, residential mortgage loans, and home equity lines of credit with a total collateral value of $364,874 as of December 31, 2014.

Below is a summary of the contractual balances outstanding on FHLB advances.



Maturity Date	Contractual Rate	Rate Type	December 31, 2014		December 31, 2013

January 7, 2014	0.200%	Fixed rate credit	$	—	$	20,000
January 22, 2014	0.180	Fixed rate credit	—		18,000
February 5, 2014	0.210	Fixed rate credit	—		25,000
March 5, 2014	0.250	Fixed rate credit	—		25,000
April 4, 2014	0.230	Fixed rate credit	—		25,000
August 4, 2014	1.110	Fixed rate credit	—		1,500
August 18, 2014	1.490	Fixed rate credit	—		3,000
August 20, 2014	1.480	Fixed rate credit	—		3,000
October 28, 2014	0.910	Fixed rate credit	—		2,000
December 16, 2014	0.870	Fixed rate credit	—		4,000
January 2, 2015	0.250	Fixed rate credit	20,000		—
January 5, 2015	0.200	Fixed rate credit	25,000		—
January 12, 2015	2.990	Fixed rate credit	5,000		—
February 5, 2015	0.220	Fixed rate credit	25,000		—
February 26, 2015	0.428	Fixed rate credit	3,000		3,000
March 2, 2015	0.244	Fixed rate credit	15,000		—
March 5, 2015	0.240	Fixed rate credit	25,000		—
April 27, 2015	2.970	Fixed rate credit	5,000		—
April 30, 2015	0.280	Fixed rate credit	25,000		—
June 26, 2015	0.260	Fixed rate credit	10,000		—
July 15, 2015	0.305	Fixed rate credit	20,000		—
August 5, 2015	0.309	Fixed rate credit	15,000		—
August 5, 2015	0.301	Fixed rate credit	10,000		—
August 17, 2015	1.850	Fixed rate credit	4,500		4,500
August 20, 2015	1.830	Fixed rate credit	3,000		3,000
October 1, 2015	0.350	Fixed rate credit	10,000		—
November 16, 2015	0.410	Fixed rate credit	10,000		—
December 1, 2015	0.428	Fixed rate credit	20,000		—
January 4, 2016	0.503	Fixed rate credit	15,000		—
February 5, 2016	0.569	Fixed rate credit	25,000		—
February 16, 2016	0.480	Fixed rate credit	10,000		—
February 26, 2016	0.611	Fixed rate hybrid	3,000		3,000
April 1, 2016	0.513	Fixed rate credit	15,000		—
July 1, 2016	0.700	Fixed rate credit	20,000		—
August 17, 2016	2.210	Fixed rate credit	2,500		2,500
February 27, 2017	0.817	Fixed rate hybrid	3,000		3,000
October 16, 2017	1.140	Fixed rate credit	5,000		—
October 29, 2018	0.250	Principal reducing credit	667		—
October 15, 2019	1.830	Fixed rate credit	5,000		—
December 19, 2023	2.000	Principal reducing credit	207		—
Totals			$	354,874	$	145,500

Merger-related fair value adjustments included in FHLB borrowings were $277 and $299, as of December 31, 2014 and 2013, respectively.

Subordinated Term Loan Due 2018

In September 2008, the Bank entered into an unsecured subordinated term loan agreement in the amount of $7,500. The agreement requires the Bank to make quarterly payments of interest at an annual contract rate, reset quarterly, equal to three-month LIBOR plus 4.00 percent. The subordinated term loan qualifies as Tier 2 capital for regulatory capital purposes, subject to a phase out of the capital qualification five years prior to maturity. The subordinated term loan was adjusted to fair value in connection with Piedmont's acquisition of Crescent, and as of December 31, 2014 and 2013, the carrying value was $7,060 and $6,961, respectively.

The subordinated term loan agreement matures on October 18, 2018 and is currently redeemable, subject to regulatory approval.

Subordinated Notes Due 2023

In August 2013, the Company issued an aggregate of $38,050 of subordinated notes in a private placement to accredited investors. The notes bear interest, payable on the 1st of January and July of each year, at a fixed annual interest rate of 7.625 percent. The notes mature in August 2023 and qualify as Tier 2 capital for regulatory purposes, subject to a phase out of the capital qualification five years prior to maturity.

Junior Subordinated Debt to Unconsolidated Trusts

In August 2003, $8,000 in trust preferred securities ("TRUPs") were issued through the Crescent Financial Capital Trust I (the "Crescent Trust"). The Crescent Trust invested the proceeds from the sale of its TRUPs in junior subordinated deferrable interest debentures issued by Crescent (assumed by VantageSouth in its acquisition of Crescent and subsequently assumed by the Company in its merger with VantageSouth). These TRUPs qualify as Tier 1 capital for regulatory capital purposes, subject to certain limitations. The TRUPs mature on October 7, 2033 and are currently redeemable, subject to regulatory approval. These TRUPs were adjusted to fair value in connection with Piedmont's acquisition of Crescent, and as of December 31, 2014 and 2013, their carrying value was $5,629 and $5,560, respectively. The TRUPs pay cash distributions quarterly at an annual contract rate, reset quarterly, equal to three-month LIBOR plus 3.10 percent.

In 2003, $10,000 in TRUPs were issued through the American Community Bank Capital Trust ("ACB Trust"). The ACB Trust invested the proceeds from the sale of its TRUPs in junior subordinated deferrable interest debentures issued by ACB (and assumed by the Company in its acquisition of ACB). These TRUPs qualify as Tier 1 capital for regulatory capital purposes, subject to certain limitations. The TRUPs mature on December 15, 2033 and are currently redeemable, subject to regulatory approval. These TRUPs were adjusted to fair value in connection with the Mergers, and as of December 31, 2014, their carrying value was $6,687. The TRUPs pay cash distributions quarterly at an annual contract rate, reset quarterly, equal to three-month LIBOR plus 2.80 percent.

In November 2007, $25,000 in TRUPs were issued through Yadkin Valley Statutory Trust I (the "Yadkin Trust"). The Yadkin Trust invested the proceeds from the sale of its TRUPs in junior subordinated deferrable interest debentures issued by Yadkin. These TRUPs qualify as Tier 1 capital for regulatory capital purposes, subject to certain limitations. The TRUPs mature on December 15, 2037 and are currently redeemable, subject to regulatory approval. These TRUPs were adjusted to fair value in connection with the Mergers, and as of December 31, 2014, their carrying value was $12,115. The TRUPs pay cash distributions quarterly at an annual contract rate, reset quarterly, equal to three-month LIBOR plus 1.32 percent.

Yadkin unconditionally guarantees the trust preferred securities that were previously issued by the Crescent Trust, the ACB Trust and the Yadkin Trust.