Borrowings

12 Months Ended

Dec. 31, 2020

A significant portion of the Company's short-term borrowings were comprised of securities sold under agreements to repurchase with overnight maturities:


	For the Year Ended December 31,
(In thousands)	2020			2019			2018
Maximum amount outstanding at any month end	$	119,609		$	193,388		$	341,213
Weighted average interest rate at end of year	0.16		%	1.17		%	1.14		%
Average amount outstanding	$	84,514		$	106,142		$	200,839
Weighted average interest rate during the year	0.33		%	1.35		%	0.90		%

Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of collateral pledged. Company securities pledged were as follows by collateral type and maturity as of:


	December 31,
(In thousands)	2020		2019		2018
Fair value of pledged securities - overnight and continuous:
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	137,268	$	94,354	$	246,829

Seacoast Bank had secured lines of credit of $1.8 billion, none of which was outstanding at December 31, 2020. During 2020, the average interest rate on Federal Home Loan Bank (“FHLB”) borrowings was 1.10%.

The following table summarizes the Company's junior subordinated debentures and related trust preferred and common equity securities as of December 31, 2020:


(In thousands)
Description	Issuance Date	Acquisition Date1	Maturity Date	Junior Subordinated Debt		Trust Preferred Securities		Common Equity Securities		Contractual Interest Rate	Interest Rate at December 31, 2020
SBCF Capital Trust I	3/31/2005	n/a	3/31/2035	$	20,619	$	20,000	$	619	3 month LIBOR +175bps	2.00%
SBCF Statutory Trust II	12/16/2005	n/a	12/16/2035	20,619		20,000		619		3 month LIBOR +133bps	1.55%
SBCF Statutory Trust III	6/29/2007	n/a	6/15/2037	12,372		12,000		372		3 month LIBOR +135bps	1.57%
BANKshares, Inc. Statutory Trust I	12/19/2002	10/1/2014	12/26/2032	5,155		5,000		155		3 month LIBOR +325bps	3.50%
BANKshares, Inc. Statutory Trust II	3/17/2004	10/1/2014	3/17/2034	4,124		4,000		124		3 month LIBOR +279bps	3.02%
BANKshares, Inc. Capital Trust I	12/15/2005	10/1/2014	12/15/2035	5,155		5,000		155		3 month LIBOR +139bps	1.60%
Grand Bank Capital Trust I	10/29/2004	7/17/2015	10/29/2034	7,217		7,000		217		3 month LIBOR +198bps	2.20%
				$	75,261	$	73,000	$	2,261
1Acquired junior subordinated debentures were recorded at their acquisition date fair values, which collectively was $5.6 million lower than face value; this amount is being amortized into interest expense over the remaining term to maturity.

Interest on the trust preferred securities is calculated on the basis of 3-month LIBOR plus spread and is re-set quarterly. The trust preferred securities may be redeemed without penalty, upon approval of the Federal Reserve or upon occurrence of certain events affecting their tax or regulatory capital treatment. Distributions on the trust preferred securities are payable quarterly in March, June, September, and December of each year. The proceeds of the offering of trust preferred securities and common equity securities were used by SBCF Capital Trust I and SBCF Statutory Trust II to purchase the $41.2 million junior subordinated deferrable interest notes issued by the Company, and by SBCF Statutory Trust III to purchase the $12.4 million junior subordinated deferrable interest notes issued by the Company, all of which have terms substantially similar to the trust preferred securities.

The Company has the right to defer payments of interest on the notes at any time or from time to time at the Company's election. Interest can be deferred for a period not longer than five years. If the Company elects to defer interest, it may not, with certain exceptions, declare or pay any dividends or distributions on its capital stock or purchase or acquire any of its capital stock. As of December 31, 2020, 2019 and 2018, all interest payments on trust preferred securities were current.

The Company has entered into agreements to guarantee the payments of distributions on the trust preferred securities and payments of redemption of the trust preferred securities. Under these agreements, the Company also agrees, on a subordinated basis, to pay expenses and liabilities of the Trusts other than those arising under the trust preferred securities. The obligations of the Company under the junior subordinated notes, the trust agreement establishing the Trusts, the guarantees and agreements as to expenses and liabilities, in aggregate, constitute a full and conditional guarantee by the Company of the Trusts' obligations under the trust preferred securities.