XML 27 R15.htm IDEA: XBRL DOCUMENT
v3.19.1

Long-Term Debt | 3 Months Ended
--- | ---
Mar. 31, 2019
Long-term Debt, Unclassified [Abstract] |
Long-Term Debt | Long-Term Debt The components of long-term debt are summarized below (in thousands):
| March 31, 2019 | December 31, 2018
Subordinated debentures owed to Town Square Statutory Trust I, due 2036, interest at a rate of 4.43% at March 31, 2019 and 4.64% at December 31, 2018 | $ | 4,124 |  | $ | 4,124 |
Fair value adjustment of subordinated debentures | (71 | ) | (71 | )
| $ | 4,053 |  | $ | 4,053 |
Town Square Statutory Trust I As a part of its Poage acquisition, the Company assumed Poage's subordinated debentures. In December 2006, Town Square Statutory Trust I, a trust formed by the Town Square Financial Corporation, closed a pooled private offering of 4,000 trust preferred securities with a liquidation amount of $1,000 per security. Poage issued $4,124,000 of subordinated debentures to the trust in exchange for ownership of all the common security of the trust and the proceeds of the preferred securities sold by the trust. The Company may redeem the subordinated debentures, in whole or in part, in a principal amount with integral multiples of $1,000, on or after December 22, 2012 at 100% of the principal amount, plus accrued and unpaid interest. The subordinated debentures mature on December 22, 2036. The subordinated debentures are also redeemable in whole or in part from time to time, upon the occurrence of specific events defined within the trust indenture. The Company has the option to defer interest payments on the subordinated debentures from time to time for a period not to exceed 5 consecutive years. Payments of distributions on the trust preferred securities and payments on redemption of the trust preferred securities are guaranteed by the Company. The Company also entered into an agreement as to expenses and liabilities with the trust pursuant to which it agreed, on a subordinated basis, to pay any cost, expenses or liabilities of the trust other than those arising under the trust preferred securities. The obligations of the Company under the junior subordinated debentures, the related indentures, the trust agreement establishing the trust and the guarantees, and the agreements as to expenses and liabilities, in the aggregate, constitute a full and unconditional guarantee by the Company of the trust’s obligations under the trust preferred securities. The trust preferred securities issued by the statutory business trust qualify as Tier 1 capital for the Company under current Federal Reserve Board guidelines. The subordinated debentures have a variable rate of interest equal to the three month LIBOR rate plus 1.83%.

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

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration