Federal Home Loan Bank Advances and Other Borrowings

6 Months Ended

Jun. 30, 2020

FHLB Advances, Notes and Other Borrowings [Abstract]

Federal Home Loan Bank Advances, Disclosure [Text Block]

Note 5     Subordinated Notes

On June 11, 2020, the Company issued $300 million of 5.125% subordinated notes. The notes mature on June 11, 2030 with interest payable semiannually. The notes have an effective interest rate of 5.39% after consideration of issuance discount and costs. The notes may be redeemed by the Company, in whole or in part, on or after March 11, 2030 at a redemption price equal to 100% of the principal amount being redeemed plus accrued and unpaid interest, subject to the approval of the Federal Reserve. The notes qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations.