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BORROWINGS
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
Federal Home Loan Bank Borrowings
Advances payable to the Federal Home Loan Bank at December 31, 2021 and 2020 were as follows:
20212020
WeightedWeighted
AverageAverage
TotalContractualTotalContractual
OutstandingRateOutstandingRate
(Dollars in thousands)
Stated Maturity
2021$— — %$35,042 1.12 %
202225,000 0.34 %— — %
Subtotal25,000 0.34 %35,042 1.12 %
Amortizing advances667 698 
Total Federal Home Loan Bank Advances$25,667 $35,740 
To manage the interest rate risk of these advances, the Company may enter into interest rate swap agreements which effectively fix the rate of the borrowing. Inclusive of the impact of these swap arrangements, the weighted average rate of all FHLB borrowings was 2.05% and 2.30% at December 31, 2021 and 2020, respectively.
The Company’s FHLB advances are collateralized by a blanket pledge agreement on the Bank’s FHLB stock, certain qualified investment securities, deposits at the FHLB, residential mortgages, and by certain commercial real estate loans held in the Bank’s portfolio. The carrying value of the loans pledged as collateral for these borrowings totaled $2.3 billion and $2.1 billion at December 31, 2021 and 2020, respectively. The Bank’s unused remaining available borrowing capacity at the FHLB was approximately $1.6 billion and $1.4 billion at December 31, 2021 and 2020, respectively, inclusive of a $5.0 million line of credit. At December 31, 2021 and 2020, the Company had sufficient collateral at the FHLB to support its obligations and was in compliance with the FHLB's collateral pledging program.
Short-Term Debt
Excluding FHLB borrowings included in the table above, the Company had no short-term borrowings at December 31, 2021 and 2020.
The Company recorded no interest expense on short-term borrowings for the years ended December 31, 2021 and 2020, and recorded $104,000 for the year ended December 31, 2019.

Long-Term Debt
The following table summarizes long-term debt, net of debt issuances costs, at the dates indicated:
 December 31
 20212020
 (Dollars in thousands)
Long term borrowings, net$14,063 $32,773 
Junior subordinated debentures
Capital Trust V 51,512 51,510 
  Central Trust I 5,258 5,258 
  Central Trust II 6,083 6,083 
Subordinated debentures 49,791 49,696 
Total long-term debt$126,707 $145,320 
     
The interest expense on long-term debt was $4.5 million, $5.4 million, and $8.2 million for the years ended December 31, 2021, 2020, and 2019, respectively.
Long-term borrowings: During the first quarter of 2019 the Company entered into a senior unsecured term loan credit facility of which $14.1 million and $32.8 million was outstanding at December 31, 2021 and 2020, respectively. Advances under the term loan facility bear interest at an interest rate equal to one-month LIBOR plus 1.25% (1.35% at December 31, 2021). This term loan facility is due and payable in full on March 28, 2022.
Junior Subordinated Debentures: The junior subordinated debentures are issued to various trust subsidiaries of the Company. These trusts are considered to be variable interest entities for which the Company is not the primary beneficiary, and therefore the accounts of the trusts are not included in the Company’s consolidated financial statements. These trusts were formed for the purpose of issuing trust preferred securities, which were then sold in a private placement offering. The proceeds from the sale of the securities and the issuance of common stock by these trusts were invested in these Junior Subordinated Debentures issued by the Company.
For regulatory purposes, bank holding companies are allowed to include trust preferred securities in Tier 1 capital up to a certain limit. Provisions in the Dodd-Frank Act generally exclude trust preferred securities from Tier 1 capital, however, holding companies with consolidated assets of less than $15 billion at December 31, 2009, are able to permanently to include these instruments in Tier 1 capital, unless the Company crosses the consolidated assets threshold as a result of merger and acquisition activity. Accordingly, as the Company’s acquisition of Meridian resulted in the crossing of $15 billion in its consolidated assets, its trust preferred securities were phased out of Tier 1 capital and included within Tier 2 capital as of December 31, 2021, in accordance with applicable regulatory guidance.
Information relating to these trust preferred securities is as follows:
TrustDescription of Capital Securities
Capital Trust V
$50.0 million due in 2037, interest at a variable rate of 3 month LIBOR plus 1.48% (1.70% at December 31, 2021).
Central Trust I
$5.1 million due in 2034, bearing interest at a variable rate of 3 month LIBOR plus 2.44% (2.66% at December 31, 2021). These securities are callable quarterly, until maturity.
Central Trust II
$5.9 million due in 2037, bearing interest at a variable rate of 3 month LIBOR plus 1.65% (1.87% at December 31, 2021). These securities are callable quarterly, until maturity.
All obligations under these trust preferred securities are unconditionally guaranteed by the Company.
Subordinated Debentures: At December 31, 2021 and 2020 the Company held $50.0 million of outstanding subordinated debentures at the bank holding company. On March 14, 2019 the Company issued subordinated debentures with an aggregate principal amount of $50.0 million in a private placement transaction to institutional accredited investors. The subordinated debentures mature on March 15, 2029. However, with regulatory approval, the Company may redeem the subordinated debentures without penalty at any scheduled payment date on or after March 15, 2024 with 30 days notice. The subordinated debentures carry a fixed rate of interest of 4.75% through March 15, 2024, after which interest converts to a variable rate of the then current three-month LIBOR rate plus 219 basis points, or equivalent alternate rate.
The following table sets forth the contractual maturities of long-term debt over the next five years:
20222023202420252026ThereafterTotal
(Dollars in thousands)
Long term borrowings$14,063 $— $— $— $— $— $14,063 
Junior subordinated debentures
Capital trust V— — — — — 51,547 51,547 
  Central trust I— — — — — 5,258 5,258 
  Central trust II— — — — — 6,083 6,083 
Subordinated debentures— — — — — 50,000 50,000 
Total (1)$14,063 $— $— $— $— $112,888 $126,951 
(1)Amounts in this table are presented on a gross basis, and do not include the capitalized issuance costs as presented in the Company's Consolidated Balance Sheet.