XML 30 R16.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Note 9 - Borrowed Funds | 12 Months Ended
--- | ---
Dec. 31, 2016
Notes to Financial Statements |
Debt Disclosure [Text Block] |
| 9. | Borrowed Funds
Securities Sold under Agreements to Repurchase. Securities sold under agreements to repurchase were $350.0 million with a weighted average rate of 4.06% at December 31, 2016, compared to $400.0 million with a weighted average rate of 3.89% at December 31, 2015. As of December 31, 2016, four floating-to-fixed rate agreements totaling $200.0 million with weighted average rate of 5.0% and final maturity in January 2017 have initial floating rates for one year, with floating rates of the three -month LIBOR rate minus 340 basis points. Thereafter, the rates are fixed for the remainder of the term, with interest rates ranging from 4.89% to 5.07%. As of December 31, 2016, three fixed rate non-callable securities sold under agreements to repurchase totaled $150 million with a weighted average rate of 2.81%, compared to four fixed rate non-callable securities sold under agreements to repurchase totaling $200 million with a weighted average rate of 2.78% as of December 31, 2015. The final maturity for the three fixed rate non-callable securities sold under agreements to repurchase is $50.0 million in July 2017, $50.0 million in June 2018, and $50.0 million in July 2018. These transactions are accounted for as collateralized financing transactions and recorded at the amounts at which the securities were sold. The Company may have to provide additional collateral for the repurchase agreements, as necessary. The underlying collateral pledged for the repurchase agreements consists of U.S. Treasury securities, U.S. Government agency security, and mortgage-backed securities with a fair value of $372.0 million as of December 31, 2016, and $430.2 million as of December 31, 2015 . The table below provides comparative data for securities sold under agreements to repurchase for the years indicated:
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (Dollars in thousands) |
Average amount outstanding during the year (1) |  | $ | 381,967 |  |  | $ | 400,822 |  |  | $ | 629,315 |
Maximum amount outstanding at month-end (2) |  |  | 400,000 |  |  |  | 400,000 |  |  |  | 700,000 |
Balance, December 31 |  |  | 350,000 |  |  |  | 400,000 |  |  |  | 450,000 |
Rate, December 31 |  |  | 4.06 | % |  |  | 3.89 | % |  |  | 3.85 | %
Weighted average interest rate for the year |  |  | 4.01 | % |  |  | 3.95 | % |  |  | 3.92 | %
(1) | Average balances were computed using daily averages.
(2) | Highest month-end balances were January 2016, January 2015, and January 2014.
As of December 31, 2016, over-night borrowings from the FHLB were $275.0 million at a rate of 0.55% compared to $250.0 million at a rate of 0.27% at December 31, 2015. At December 31, 2016, $75.0 million in advances from the FHLB were outstanding at a weighted average rate of 1.48% compared to $25.0 million in advances outstanding at a weighted average rate of 1.13% at December 31, 2015. As of December 31, 2016, $25.0 million will mature in March 2018 and $50.0 million will mature in December 2019. Other Liabilities. On November 23, 2004, the Company entered into an agreement with Mr. Dunson K. Cheng, pursuant to which he agreed to defer any bonus amounts in excess of $225,000 for the year ended December 31, 2005, until the later of January 1 of the first year following his separation from service from the Company or the first day of the seventh month following his separation from service from the Company. Accordingly, an amount equal to $610,000 was deferred in 2004 and was accrued in other liabilities in the consolidated balance sheet. The Company agreed to accrue interest on the deferred portion of the bonus at 7.0% per annum compounded quarterly. The deferred amount will be increased each quarter by the amount of interest computed for that quarter. On November 23, 2014, the interest rate was reset to 5.06% based on 275 basis points above the interest rate on the ten -year Treasury Note on that date. On March 13, 2014, the Compensation Committee of the Company awarded Mr. Cheng a cash bonus in the amount of $300,000 for the quarter ended December 31, 2013, and provided as part of the award that payment of the bonus would be deferred until the later of January 1 of the first year following his separation from service from the Company or the first day of the seventh month following his separation from service from the Company. The Company accrues interest on the deferred bonus at 5.02% per annum compounded quarterly. Beginning on the fifth anniversary of the agreement, the interest rate will be reset at 350 basis points above the then prevailing interest rate on the five -year Treasury Note. Interest of $83,000 during 2016, $79,000 during 2015, and $93,000 during 2014 was accrued on the deferred bonuses. The balance was $1.7 million at December 31, 2016, and $1.6 million at December 31, 2015.

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration