Note 9 - Other Borrowings and Subordinated Debentures

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 9:  OTHER BORROWINGS AND SUBORDINATED DEBENTURES

Debt at March 31, 2015 and December 31, 2014 consisted of the following components:

(In thousands)	March 31, 2015		December 31,  2014
Other Borrowings
FHLB advances, due 2015 to 2033, 0.35% to 7.38% secured by residential real estate loans	$	241,960	$	71,582
Notes payable, due 04/30/2015 to 12/31/2016, 3.25%, floating rate, unsecured		43,100		43,100
		285,060		114,682
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
Trust preferred securities, due 6/30/2035, floating rate of 1.75% above the three month LIBOR rate, reset quarterly, callable without penalty		11,444		-
Trust preferred securities, due 9/15/2037, floating rate of 1.37% above the three month LIBOR rate, reset quarterly		10,310		-
Trust preferred securities, due 12/3/2033, floating rate of 2.88% above the three month LIBOR rate, reset quarterly, callable without penalty		5,155		-
Trust preferred securities, due 12/13/2034, floating rate of 2.00% above the three month LIBOR rate, reset quarterly, callable without penalty		5,155		-
Trust preferred securities, due 6/6/2037, floating rate of 1.57% above the three month LIBOR rate, reset quarterly, callable without penalty		10,310		-
		62,994		20,620
Total other borrowings and subordinated debentures	$	348,054	$	135,302

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 scheduled to be repaid in three years or less, by December 31, 2016.

At March 31, 2015, the Company had $40.0 million of Federal Home Loan Bank (“FHLB”) advances with original maturities of one year or less.

The Company had total FHLB advances of $242.0 million at March 31, 2015, with approximately $821.7 million of additional advances available from the FHLB.  The FHLB advances are secured by mortgage loans and investment securities totaling approximately $919.5 million at March 31, 2015.

The trust preferred securities are tax-advantaged issues that qualify for Tier 1 capital treatment. Distributions on these securities are included in interest expense on long-term debt. 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 March 31, 2015, are:

(In thousands)	Year	Annual  Maturities
	2015	$	149,016
	2016		38,348
	2017		75,417
	2018		6,558
	2019		2,743
	Thereafter		75,972
	Total	$	348,054