Long-Term Borrowings

Subordinated Debentures

Through its acquisitions of CBKN, GRNB, SCMF and TIBB, the Company assumed the eleven separate pooled offerings of trust preferred securities listed below. The Company is not considered the primary beneficiary of the trusts (variable interest entities), therefore the trusts are not consolidated in the Company’s Consolidated Financial Statements, but rather the subordinated debentures are presented as liabilities. The trusts consist of wholly-owned statutory trust subsidiaries for the purpose of issuing the trust preferred securities. The trusts used the proceeds from the issuance of trust preferred securities to acquire junior subordinated deferrable interest debentures of the Company. The trust preferred securities essentially mirror the debt securities, carrying a cumulative preferred dividend equal to the interest rate on the debt securities. The debt securities and the trust preferred securities each have 30-year lives. The trust preferred securities and the debt securities are callable by the Company or the trust, at their respective option after a period of time, and at varying premiums and sooner in specific events, subject to prior approval by the Federal Reserve Board (“FRB”), if then required. Deferral of interest payments on the trust preferred securities is allowed for up to 60 months without being considered an event of default.

The subordinated debentures as of March 31, 2016 and December 31, 2015 consisted of the following:



(Dollars in thousands)
			Carrying Amount
Date of Offering	Face Amount		March 31, 2016		December 31, 2015		Interest Rate as of March 31, 2016			Maturity Date
July 31, 2001	$	5,000	$	3,973	$	3,959	4.20	%	(3 Month LIBOR + 358 bps)	July 31, 2031
July 31, 2001	4,000		2,781		2,764		4.20	%	(3 Month LIBOR + 358 bps)	July 31, 2031
June 26, 2003	10,000		6,147		6,120		3.73	%	(3 Month LIBOR + 310 bps)	June 26, 2033
September 25, 2003	10,000		6,706		6,668		3.47	%	(3 Month LIBOR + 285 bps)	October 8, 2033
December 30, 2003	10,000		5,934		5,906		3.47	%	(3 Month LIBOR + 285 bps)	December 30, 2033
June 28, 2005	3,000		1,658		1,645		2.31	%	(3 Month LIBOR + 168 bps)	June 28, 2035
December 22, 2005	10,000		4,763		4,731		2.03	%	(3 Month LIBOR + 140 bps)	March 15, 2036
December 28, 2005	13,000		6,939		6,884		2.17	%	(3 Month LIBOR + 154 bps)	March 15, 2036
June 23, 2006	20,000		11,862		11,786		2.17	%	(3 Month LIBOR + 155 bps)	July 7, 2036
May 16, 2007	56,000		30,006		29,782		2.84	%	(3 Month LIBOR + 165 bps)	June 15, 2037
June 15, 2007	10,000		5,559		5,532		2.07	%	(3 Month LIBOR + 143 bps)	September 6, 2037
	$	151,000	$	86,328	$	85,777

Other Subordinated Debentures

At March 31, 2016, the maturities of long-term borrowings were as follows:



(Dollars in thousands)	Fixed Rate		Floating Rate		Total
Due in 2016	$	—	$	—	$	—
Due in 2017	—		—		—
Due in 2018	—		—		—
Due in 2019	—		—		—
Due in 2020	—		—		—
Thereafter	—		86,328		86,328
Total	$	—	$	86,328	$	86,328