Note 9 - Other Borrowings and Subordinated Debentures

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 9: OTHER BORROWINGS AND SUBORDINATED DEBENTURES

Debt at December 31, 2014, and 2013 consisted of the following components.

(In thousands)	2014		2013
Other Borrowings
FHLB advances, due 2015 to 2033, 0.35% to 8.41%, secured by residential real estate loans	$	71,582	$	71,090
Notes payable, due 01/31/2015 to 12/31/2016, 3.25%, floating rate, unsecured		43,100		46,000
		114,682		117,090
Subordinated Debentures
Trust preferred securities, due 12/30/2033, floating rate of 2.80% above the three-month LIBOR rate, reset quarterly, callable without penalty		20,620		20,620
Total other borrowings and subordinated debentures	$	135,302	$	137,710

During the fourth quarter of 2013, the Company borrowed $46.0 million from correspondent banks to partially fund the acquisition of Metropolitan.  This debt is unsecured and is all scheduled to be repaid by December 31, 2016.

At December 31, 2014, the Company had no Federal Home Loan Bank (“FHLB”) advances with original maturities of one year or less.

The Company had total FHLB advances of $71.6 million at December 31, 2014, with approximately $700.8 million of additional advances available from the FHLB.

The FHLB advances are secured by mortgage loans and investment securities totaling approximately $800.9 million at December 31, 2014.

The trust preferred securities are tax-advantaged issues that qualify for Tier 1 capital treatment. Distributions on these securities are included in interest expense.  Each of the trusts is a statutory business trust organized for the sole purpose of issuing trust securities and investing the proceeds thereof in junior subordinated debentures of the Company, the sole asset of each trust.  The preferred securities of each trust represent preferred beneficial interests in the assets of the respective trusts and are subject to mandatory redemption upon payment of the junior subordinated debentures held by the trust.  The common securities of each trust are wholly-owned by the Company.  Each trust’s ability to pay amounts due on the trust preferred securities is solely dependent upon the Company making payment on the related junior subordinated debentures.  The Company’s obligations under the junior subordinated securities and other relevant trust agreements, in aggregate, constitute a full and unconditional guarantee by the Company of each respective trust’s obligations under the trust securities issued by each respective trust.

Aggregate annual maturities of long-term debt at December 31, 2014 are as follows:

(In thousands)	Year	Annual Maturities
	2015	$	15,056
	2016		55,176
	2017		21,952
	2018		6,550
	2019		2,742
	Thereafter		33,826
	Total	$	135,302