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Note 12: Subordinated Notes | 9 Months Ended
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Sep. 30, 2017
Notes |
Note 12: Subordinated Notes | NOTE 12: SUBORDINATED NOTES On August 8, 2016, the Company completed the public offering and sale of $75.0 million of its subordinated notes. The notes are due August 15, 2026, and have a fixed interest rate of 5.25% until August 15, 2021, at which time the rate becomes floating at a rate equal to three-month LIBOR plus 4.087%. The Company may call the notes at par beginning on August 15, 2021, and on any scheduled interest payment date thereafter. The notes were sold at par, resulting in net proceeds, after underwriting discounts and commissions, legal, accounting and other professional fees, of approximately $73.5 million. The debt issuance costs, totaling approximately $1.5 million, were deferred and are being amortized over the expected life of the notes, which is 10 years. Amortization of the debt issuance costs during the three and nine months ended September 30, 2017 totaled $38,000 and $114,000, respectively, and is included in interest expense on subordinated notes in the consolidated statements of income, resulting in an imputed interest rate of 5.47%. Amortization of the debt issuance costs during the three and nine months ended September 30, 2016 totaled $27,000 and $27,000, respectively, and is included in interest expense on subordinated notes in the consolidated statements of income, resulting in an imputed interest rate of 5.47%. At September 30, 2017 and December 31, 2016, Subordinated Notes are summarized as follows:
| September 30, 2017 |  | December 31, 2016
| (In Thousands)
Subordinated notes | $ 75,000 |  | $ 75,000
Less: unamortized debt issuance costs | 1,349 |  | 1,463
| $ 73,651 |  | $ 73,537

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- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
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