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Note 24 - Subsequent Event
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

24. Subsequent Events


Extinguishment of Subordinated Debt


In January 2016, the Company terminated Trust II as a result of the early extinguishment of debt issued to the trust and recorded a related pretax gain of $4.1 million. Trust II was a Delaware statutory trust established by the Company in 2005 for the purpose of issuing preferred securities through a private offering. The proceeds from the offering were loaned to the Company in exchange for junior subordinated debentures with terms that parallel those of the preferred securities.


The Company became aware that all $15 million of the trust preferred securities issued by Trust II would be auctioned off as part of the liquidation of a larger pooled collateralized debt obligation. The Company placed a bid of $10.9 million for the securities, which was accepted by the trustee. The Company then canceled the preferred and common securities issued by the trust and extinguished the debentures. Since the accepted bid was less than the $15 million carrying value, the Company recognized a gain on the early extinguishment of debt upon cancellation, which occurred in the first quarter of 2016.


Announcement of Common Dividend


On January 25, 2016, the Company announced that its Board of Directors approved a quarterly cash dividend on the Company’s common stock of $0.07 per share. This is the first dividend on common stock declared by the Company since the fourth quarter of 2009. The dividend is payable on April 1, 2016 to shareholders of record at the close of business on March 1, 2016.