XML 31 R18.htm IDEA: XBRL DOCUMENT
v3.6.0.2

SHORT TERM AND LONG TERM DEBT | 12 Months Ended
--- | ---
Sep. 30, 2016
Debt Disclosure [Abstract] |
SHORT TERM AND LONG TERM DEBT | SHORT TERM DEBT AND LONG TERM DEBT Short Term Debt
September 30, | 2016 |  | 2015
Overnight federal funds purchased | $ | 992,000 |  |  | $ | 540,000 |
Short-term FHLB advances | 100,000 |  |  | — |
Short-term capital lease | 79 |  |  | — |
Repurchase agreements | 3,039 |  |  | 4,007 |
Total | 1,095,118 |  |  | 544,007 |
The Company had $992.0 million of overnight federal funds purchased from the FHLB as of September 30, 2016. The Company had $540.0 million in overnight federal funds purchased from the FHLB at September 30, 2015. At September 30, 2016, the Company’s short-term advances from the FHLB totaled $100 million and carried a fixed rate of 0.46%. The Company had no short-term advances from the FHLB at September 30, 2015. The Bank has executed blanket pledge agreements whereby the Bank assigns, transfers, and pledges to the FHLB and grants to the FHLB a security interest in all mortgage collateral and securities collateral. The Bank has the right to use, commingle, and dispose of the collateral it has assigned to the FHLB. Under the agreement, the Bank must maintain “eligible collateral” that has a “lending value” at least equal to the “required collateral amount,” all as defined by the agreement. At year-end 2016 and 2015, the Bank pledged securities with fair values of approximately $824.5 million and $625.2 million, respectively, against specific FHLB advances. In addition, qualifying mortgage loans of approximately $501.0 million, and $369.6 million were pledged as collateral at September 30, 2016, and 2015, respectively. As of September 30, 2016, the Company had three capital leases, two equipment leases and one property lease. At September 30, 2016, the portion of the liability expected to be expensed and amortized over the next 12 months is approximately $79,000. Securities sold under agreements to repurchase totaled approximately $3.0 million and $4.0 million at September 30, 2016, and 2015, respectively. An analysis of securities sold under agreements to repurchase follows:
September 30, | 2016 |  | 2015
| (Dollars in Thousands)
Highest month-end balance | $ | 3,468 |  |  | $ | 17,400 |
Average balance | 2,179 |  |  | 10,883 |
Weighted average interest rate for the year | 0.60 | % |  | 0.52 | %
Weighted average interest rate at year end | 0.61 | % |  | 0.58 | %
The Company pledged securities with fair values of approximately $9.2 million at September 30, 2016, as collateral for securities sold under agreements to repurchase. There were $20.6 million of securities pledged as collateral for securities sold under agreements to repurchase at September 30, 2015. Long Term Debt
September 30, | 2016 |  | 2015
(Dollars in Thousands) |  |  |
Long-term FHLB advances | $ | 7,000 |  |  | $ | 7,000 |
Trust preferred securities | 10,310 |  |  | 10,310 |
Subordinated debentures (net of issuance costs) | 73,211 |  |  | — |
Long-term capital lease | 1,939 |  |  | 2,143 |
Total | 92,460 |  |  | 19,453 |
At September 30, 2016, the Company’s long-term advances from the FHLB totaled $7.0 million had carried a weighted-average rate of 6.98%. The weighted average rate of the Company's long-term advances was 6.98% at September 30, 2015. The scheduled maturities of the Company's long-term debt are as follows for the years ending:
September 30, |  |  |  |  |
(Dollars in Thousands) | Long-term FHLB advances | Trust preferred securities | Subordinated debentures | Long-term capital lease | Total
2017 | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
2018 | — |  | — |  | — |  | 61 |  | 61 |
2019 | 5,000 |  | — |  | — |  | 64 |  | 5,064 |
2020 | 2,000 |  | — |  | — |  | 72 |  | 2,072 |
2021 | — |  | — |  | — |  | 77 |  | 77 |
Thereafter | — |  | 10,310 |  | 73,211 |  | 1,665 |  | 85,186 |
Total long-term debt | $ | 7,000 |  | $ | 10,310 |  | $ | 73,211 |  | $ | 1,939 |  | $ | 92,460 |
Trust preferred securities are due to First Midwest Financial Capital Trust I, a 100%-owned nonconsolidated subsidiary of the Company. The securities were issued in 2001 in conjunction with the Trust’s issuance of 10,000 shares of Trust Preferred Securities. The securities bear the same interest rate and terms as the trust preferred securities. The securities are included on the consolidated balance sheets as liabilities. The Company issued all of the 10,310 authorized shares of trust preferred securities of First Midwest Financial Capital Trust I holding solely securities. Distributions are paid semi-annually. Cumulative cash distributions are calculated at a variable rate of London Interbank Offered Rate (“LIBOR”) plus 3.75% (4.99% at September 30, 2016, and 4.28% at September 30, 2015), not to exceed 12.5%. The Company may, at one or more times, defer interest payments on the capital securities for up to 10 consecutive semi-annual periods, but not beyond July 25, 2031. At the end of any deferral period, all accumulated and unpaid distributions are required to be paid. The capital securities are required to be redeemed on July 25, 2031; however, the Company has a semi-annual option to shorten the maturity date. The redemption price is $1,000 per capital security plus any accrued and unpaid distributions to the date of redemption. Holders of the capital securities have no voting rights, are unsecured and rank junior in priority of payment to all of the Company’s indebtedness and senior to the Company’s common stock. Although the securities issued by the Trust are not included as a component of stockholders’ equity, the securities are treated as capital for regulatory purposes, subject to certain limitations. The Company completed the public offering of $75.0 million of 5.75% fixed-to-floating rate subordinated debentures during fiscal year 2016. These notes are due August 15, 2026. The subordinated debentures were sold at par, resulting in net proceeds of approximately $73.9 million. At September 30, 2016, the Company had $73.2 million in subordinated debentures, net of issuance costs of $1.8 million. Accumulated interest expense on the subordinated debentures was $0.5 million as of September 30, 2016. As of September 30, 2016, the Company had three capital leases, two equipment leases and one property lease. At September 30, 2016, the portion of the liability expected to be expensed and amortized beyond 12 months is $1.9 million. The majority of the $1.9 million is related to the Urbandale, Iowa retail branch location.

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

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