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Note 13 - Subsequent Event
9 Months Ended
Sep. 30, 2012
Subsequent Events [Text Block]
13.  SUBSEQUENT EVENT

On October 26, 2012, the Company entered into an agreement to sell $65.2 million of loans, which represents 71.8% of the total loans held-for-sale at September 30, 2012. The Company expects to complete the sale of the remainder of the loans held-for-sale during fourth quarter 2012.

On October 1, 2012, the Company repurchased and retired $4.3 million of 6.95% junior subordinated debentures at a premium of 3.0% and $12.0 million of 5.85% subordinated debentures at a premium of 5.0%. These transactions resulted in the recognition of a pre-tax loss of $814,000, which will be included in other noninterest income in the Condensed Consolidated Statement of Income.

On October 3, 2012, the Company entered into a $50 million forward committed advance with the FHLB to take advantage of the current low market rates for future funding. The advance has a prepayment feature which allows the Company to prepay at or below par plus accrued interest and a prepayment fee.