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Note 6 - Other Borrowings and Unused Lines of Credit | 6 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
Debt Disclosure [Text Block] | NOTE 6 – OTHER BORROWINGS AND UNUSED LINES OF CREDIT Other borrowings as of June 30, 2015 and December 31, 2014 are summarized as follows:
|  | June 30, 2015 |  |  | December 31, 2014 |
Wholesale structured repurchase agreements |  | $ | 115,000,000 |  |  | $ | 130,000,000 |
Term note |  |  | - |  |  |  | 17,625,000 |
Series A subordinated notes |  |  | - |  |  |  | 2,657,492 |
|  | $ | 115,000,000 |  |  | $ | 150,282,492 |
During the second quarter of 2015, CRBT prepaid a $10,000,000 wholesale structured repurchase agreement with an interest rate of 4.40% and a maturity in May 2019. The prepayment fee associated with the transaction totaled $1,202,000. This amount is included in losses on debt extinguishment in the statements of income (loss). The prepayments were a part of the Company’s balance sheet restructuring, which is described in Note 7 to the Consolidated Financial Statements. Maturity and interest rate information concerning wholesale structured repurchase agreements is summarized as follows:
|  | June 30, 2015 |  |  | December 31, 2014 |
|  |  |  |  |  | Weighted |  |  |  |  |  |  | Weighted |
|  |  |  |  |  | Average |  |  |  |  |  |  | Average |
|  |  |  |  |  | Interest Rate |  |  |  |  |  |  | Interest Rate |
|  | Amount Due |  |  | at Year-End |  |  | Amount Due |  |  | at Year-End |
Maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Year ending December 31: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2015 |  | $ | - |  |  |  | - |  |  | $ | 5,000,000 |  |  |  | 2.77 | %
2016 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
2017 |  |  | 10,000,000 |  |  |  | 3.00 |  |  |  | 10,000,000 |  |  |  | 3.00 |
2018 |  |  | 10,000,000 |  |  |  | 3.97 |  |  |  | 10,000,000 |  |  |  | 3.97 |
2019 |  |  | 50,000,000 |  |  |  | 3.41 |  |  |  | 60,000,000 |  |  |  | 3.57 |
Thereafter |  |  | 45,000,000 |  |  |  | 2.66 |  |  |  | 45,000,000 |  |  |  | 2.66 |
Total Wholesale Structured Repurchase Agreements |  | $ | 115,000,000 |  |  |  | 3.13 | % |  | $ | 130,000,000 |  |  |  | 3.21 | %
Some of the wholesale structured repurchase agreement have a one-time put option, at the discretion of the counterparty, to terminate the agreement and require the subsidiary bank to repay at predetermined dates prior to the stated maturity date of the agreement. Of the $115.0 million in wholesale structured repurchase agreements outstanding at June 30, 2015, $50.0 million are putable in 2016 and $20.0 million are putable in 2017. The wholesale structured repurchase agreements are collateralized by securities with a carrying value of $136.5 million and $153.8 million as of June 30, 2015 and December 31, 2014, respectively. At December 31, 2014, the Company had a 4-year term note with principal and interest due quarterly. Interest was calculated at the effective LIBOR rate plus 3.00% per annum (3.23% at December 31, 2014) and the balance totaled $17,625,000 at December 31, 2014. After two quarterly principal payments totaling $2,350,000 were made in January and April 2015, the resulting balance of the term debt was $15,275,000. In May 2015, the Company repaid this term note in its entirety using proceeds from a common stock offering. Additional information regarding the capital raise and balance sheet restructuring is described in Note 7 to the Consolidated Financial Statements. Additionally, as of December 31, 2014, the Company maintained a $10.0 million revolving line of credit note where the interest is calculated at the effective LIBOR rate plus 2.50% per annum. At December 31, 2014, the Company had not borrowed on this revolving credit note and had the full amount available. At the renewal date in June 2015, the note was amended to increase the maximum amount available. The Company now maintains a $40.0 million revolving line of credit note, with interest calculated at the effective LIBOR rate plus 2.50% per annum. At June 30, 2015, the Company had not borrowed on this revolving credit note and had the full amount available. The current revolving note agreement contains certain covenants that place restrictions on additional debt and stipulate minimum capital and various operating ratios. As of December 31, 2014, the Company had Series A subordinated notes outstanding totaling $2.7 million with a maturity date of September 1, 2018 and interest payable semi-annually, in arrears, on June 30 and December 30 of each year. This debt was at a fixed rate of 6.00% per year. In June 2015, the Company redeemed all of these subordinated notes, leaving no remaining balance as of June 30, 2015. There was no penalty related to this redemption. At June 30, 2015, the subsidiary banks had 32 lines of credit totaling $339.2 million, of which $14.7 million was secured and $324.5 million was unsecured. At June 30, 2015, $300.2 million was available as $39.0 million was utilized for short-term borrowing needs at QCBT. At December 31, 2014, the subsidiary banks had 35 lines of credit totaling $351.6 million, of which $17.1 million was secured and $334.5 million was unsecured. At December 31, 2014, $237.6 million was available as $114.0 million was utilized for short-term borrowing needs at QCBT and RB&T. As of June 30, 2015 and December 31, 2014, the Company had Public Unit Deposit Letters of Credit with the FHLB of Des Moines totaling $55.0 million and $15.0 million, respectively. There were no amounts outstanding under these letters of credit as of either date.

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- 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
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