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Note 13: Subordinated Notes | 12 Months Ended
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Dec. 31, 2019
Notes |
Note 13: Subordinated Notes | Note 13: 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. Total debt issuance costs totaling approximately $1.5 million, were deferred and are being amortized over the expected life of the notes, which is five years from the issuance date. Amortization of the debt issuance costs during the years ended December 31, 2019 and 2018, totaled $434,000 and $154,000, respectively, and is included in interest expense on subordinated notes in the consolidated statements of income, resulting in an imputed interest rate of 5.89%. At December 31, 2019 and 2018, subordinated notes are summarized as follows:
|  | 2019 |  |  | 2018
|  | (In Thousands)
Subordinated notes | $ | 75,000 |  | $ | 75,000
Less: unamortized debt issuance costs |  | 724 |  |  | 1,158
| $ | 74,276 |  | $ | 73,842

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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://fasb.org/us-gaap/role/ref/legacyRef -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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