Borrowings and Subordinated Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Components of Long-term Debt and Short-term Borrowings

The following table presents the components of our short-term borrowings and long-term debt.

	September 30, 2020				December 31, 2019
(Dollars in thousands)	Amount		Weighted Average Rate(1)		Amount		Weighted Average Rate(1)
Short-term borrowings:
FHLB Advances	$	—	—	%	$	60,000	1.61	%
Securities sold under agreements to repurchase	187		0.30		851		0.30
Federal funds purchased	—		—		5,000		1.90
Total short-term borrowings	187		0.30		65,851		1.62
Long-term debt:
Secured borrowing due in 2022	1,322		1.00		1,374		1.00
FHLB advances due in 2022 to 2029(2)	181,202		1.09		145,000		1.06
FRB borrowings (3)	34,098		0.35		—		—
Subordinated notes due in 2025 and 2029(4)	44,555		5.29		44,440		5.29
Total long-term debt	261,177		1.71		190,814		2.04
Total short-term and long-term borrowings	$	261,364	1.71	%	$	256,665	1.93	%

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(1) Weighted average rate presented is the contractual rate which excludes premiums and discounts related to purchase accounting.

(2) At September 30, 2020, the long-term FHLB advances consisted of 0.42% - 2.93% fixed rate notes and can be called through 2024 without penalty by the issuer. The September 30, 2020 balance includes FHLB advances of $181.0 million and purchase accounting premiums of $202 thousand.

(3) The September 30, 2020 balance of FRB borrowings consisted of 0.35% fixed rate notes utilized to fund the PPP loans. The FRB borrowings have a maturity date equal to the maturity date of the respective PPP loans pledged to secure the borrowings, which is two years after the origination date of the PPP loans.

(4) The September 30, 2020 balance includes subordinated notes of $45.0 million and debt issuance costs of $445 thousand. The December 31, 2019 balance includes subordinated notes of $45.0 million and debt issuance costs of $560 thousand.