Note 8 - Long-term Borrowings

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

8.

Long-Term

Borrowings

The following table presents information related to the Company’s long-term borrowings as of

March

31,

2017,

December

31,

2016

and

March

31,

2016.

(dollars in thousands)	March 31, 2017			December 31, 2016			March 31, 2016
Subordinated Notes, 5.75%	$	70,000		$	70,000		$	70,000
Subordinated Notes, 5.0%		150,000			150,000			-
Less: debt issurance costs		(3,388	)		(3,486	)		(1,042	)
Long-term borrowings	$	216,612		$	216,514		$	68,958

On

August

5,

2014,

the Company completed the sale of

$70.0

million of its

5.75%

subordinated notes, due

September

1,

2024

(the “Notes”). The Notes were offered to the public at par and qualify as Tier

2

capital for regulatory purposes to the fullest extent permitted under the Basel III Rule capital requirements. The net proceeds were approximately

$68.8

million, which includes

$1.2

million in deferred financing costs which are being amortized over the life of the Notes.

On

July

26,

2016,

the Company completed the sale of

$150.0

million of its

5.00%

Fixed-to-Floating Rate Subordinated Notes, due

August

1,

2026

(the

“2026

Notes”). The

2026

Notes were offered to the public at par.

The notes qualify as Tier

2

capital for regulatory purposes to the fullest extent permitted under the Basel III Rule capital requirements. The net proceeds were approximately

$147.35

million, which includes

$2.6

million in deferred financing costs which are being amortized over the life of the

2026

Notes.