Note 23 - Preferred Stock

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Preferred Stock [Text Block]

23

. Preferred Stock

On

January 9, 2009,

as part of the U.S. Department of Treasury

’s (“Treasury”) Capital Purchase Program (“CPP”), the Company issued

30,000

shares of Series A,

no

par value cumulative perpetual preferred stock to the Treasury for

$30.0

million. The Company also issued a warrant to the Treasury as part of the CPP. In

June 2012,

the Treasury conducted an auction in which it sold all of its investment in the Company’s Series A preferred stock to private investors. The Company received

no

proceeds as part of the transaction. In

July 2012,

the Company repurchased the warrant it issued to the Treasury.

Upon settlement of the warrant repurchase, the Treasury had

no

remaining equity stake in the Company.

The Company redeemed

20,000

shares of its outstanding preferred stock during

2014

at its stated liquidation value of

$1

thousand per share, plus accrued dividends.

The shares were approved and redeemed in

two

separate partial redemptions of

10,000

shares each,

one

of which occurred in

second

quarter and the other in the

fourth

quarter.

On

June 8, 2015,

the Company redeemed the final

10,000

shares of its Series A preferred stock. The shares were redeemed at the stated liquidation value of

$1

thousand per share, plus accrued dividends. The redemption was the

third

and final partial redemption of the original shares issued.

No

additional debt or equity was issued in connection with any of the shares redeemed.