Long-Term Debt (Notes)

9 Months Ended

Sep. 30, 2013

Long-term Debt, Unclassified [Abstract]

Long-term Debt [Text Block]

Long-Term Debt

On June 27, 2013, the Company borrowed $16,000 from a commercial bank in the form of a five-year amortizing secured term loan with a variable rate of 1.95 percent plus 30-day LIBOR. The proceeds were used to finance the repurchase and cancellation of 1,440,592 shares of common stock discussed in Note 8. In the event that the Company defaults under the note, the interest rate would increase by an additional 5.0 percent. The Company also entered into a $5,000 secured line of credit that expires on June 27, 2014. Both the note and the secured line of credit are secured by a pledge of certain Company assets, including the stock of West Bank.

During June 2013, the Company purchased a commercial lot in Coralville for construction of a new eastern Iowa main office. The purchase was financed with an eight-and-one-half-year variable payment contract for $765 with a fixed interest rate of 1.25 percent.