XML 35 R19.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 11 - Other Borrowings
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Other Borrowings [Text Block]
11.
OTHER BORROWINGS
 
Other borrowings consist of advances from the FHLB and subordinated debt as follows:
 
 
             
Weighted-
   
Stated interest
                 
(Dollar amounts in thousands)
 
Maturity range
   
average
   
rate range
                 
Description
 
from
  to    
interest rate
   
from
      to       2016       2015  
Fixed-rate amortizing
 
07/01/17
 
10/01/28
     
4.02
%    
2.99
%
   
4.47
%
  $
1,189
    $
1,691
 
Junior subordinated debt
 
12/21/37
 
12/21/37
     
2.20
%    
2.20
     
2.20
     
8,248
     
8,248
 
                                                   
Total
 
 
 
 
     
 
     
 
     
 
    $
9,437
    $
9,939
 
 
 
The scheduled maturities of other borrowings are as follows:
 
(Dollar amounts in thousands)
               
           
Weighted-
 
Year Ending December 31,
 
Amount
   
Average Rate
 
2017
   
373
     
4.00
%
2018
   
252
     
4.02
%
2019
   
155
     
4.04
%
2020
   
116
     
4.04
%
2021
   
87
     
4.05
%
Beyond 2021
   
8,454
     
2.25
%
                 
Total
  $
9,437
     
2.37
%
 
Fixed-rate amortizing advances from the FHLB require monthly principal and interest payments and an annual
20
percent pay-down of outstanding principal. Monthly principal and interest payments are adjusted after each
20
percent pay-down. Under the terms of a blanket agreement, FHLB borrowings are secured by certain qualifying assets of the Company which consist principally of
first
mortgage loans or mortgage-backed securities. Under this credit arrangement, the Company has a remaining borrowing capacity of approximately
$184.9
million at
December
31,
2016.
 
 
The Company formed a special purpose entity (“Entity”) to issue
$8,000,000
of floating rate, obligated mandatorily redeemable securities, and
$248,000
in common securities as part of a pooled offering. The rate adjusts quarterly, equal to LIBOR plus
1.67%.
The Entity
may
redeem them, in whole or in part, at face value. The Company borrowed the proceeds of the issuance from the Entity in
December
2006
in the form of an
$8,248,000
note payable, which is included in the other borrowings on the Company’s Consolidated Balance Sheet.