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Note 13: Subordinated Notes | 12 Months Ended
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Dec. 31, 2017
Notes |
Note 13: Subordinated Notes | Note 13: Subordinated Notes On August 8, 201 6, the Company completed the public offering and sale of $75.0 million of its s ubordinated n otes. The n otes 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 n otes at par beginning on August 15, 2021, and on any scheduled interest payment date thereafter. The n otes were sold at par, resulting in net proceeds, after underwriting discounts and commissions, legal, accounting and other professional fees, of approximately $73.5 million. Total debt issuance costs, totaling approximately $1.5 million, were deferred and are being amortized over the expected life of the n otes, which is 10 years. Amortization of the debt issuance costs during the years ended December 31, 2017 and 2016, totaled $151,000 and $64,000, respectively, and is included in interest expense on s ubordinated n otes in the consolidated statements of income, resulting in an imputed interest rate of 5.47%. At December 31, 2017 and, 2016, subordinated notes are summarized as follows:
| 2017 |  | 2016
| (In Thousands)
Subordinated notes | $ 75,000 |  | $ 75,000
Less: unamortized debt issuance costs | 1,312 |  | 1,463
| $ 73,688 |  | $ 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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