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Subordinated Notes
12 Months Ended
Dec. 31, 2018
Subordinated Borrowings [Abstract]  
Subordinated Notes
Subordinated Notes

At December 31, 2018, the Company had outstanding subordinated notes totaling $139.2 million compared to $139.1 million at December 31, 2017. In 2014, the Company issued $140.0 million of subordinated notes receiving $139.1 million in proceeds, net of underwriting discount. The notes have a stated interest rate of 5.00% and mature in June 2024.

In connection with the issuance of subordinated notes in 2014, the Company incurred costs totaling $1.3 million. These costs are a direct deduction from the carrying amount of the subordinated notes and are amortized to interest expense using the effective interest method. At December 31, 2018, the unamortized balances of these costs were approximately $790,000. These subordinated notes qualify as Tier II capital under the regulatory capital requirements, subject to restrictions.