UNSECURED BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2015

UNSECURED BORROWINGS [Abstract]

Schedule of Subordinated Note Balances and Related Weighted Average Interest Rates

Note balances and related weighted average interest rates as of June 30, 2015 and December 31, 2014 (calculated including issue cost amortization) were as follows (dollars in thousands):

	Borrowings Outstanding		Average Rate *
Junior subordinated notes maturing in:
October 2035	$	35,000		8.31	%
December 2035		40,000		8.46
September 2036		25,000		8.78
	$	100,000		8.49

* The indicated weighted average rates have been in effect since issuance.  After considering cash flow hedges that coincide with the floating rate terms of these borrowings that begin October 30, and December 15, 2015 for the notes maturing in October and December 2035 and September 15, 2016 for the notes maturing in September 2036, the effective borrowing rate will average 7.56% beginning September 15, 2016 through maturity, subject to certain adjustments for the effects of measured hedge ineffectiveness, if any.