XML 37 R22.htm IDEA: XBRL DOCUMENT v3.19.1
SUBORDINATED DEBENTURES
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
SUBORDINATED DEBENTURES SUBORDINATED NOTESThe Company has unsecured subordinated notes payable, which mature December 30, 2028. At December 31, 2018, subordinated notes payable outstanding totaled $31,859,000, which qualified for Tier 2 capital. The notes are recorded net of remaining debt issuance costs totaling $641,000 at December 31, 2018, which are amortized over a 10 year period on an effective yield basis. The subordinated notes have a fixed interest rate of 6.0% through December 30, 2023, which then converts to a variable rate of three-month LIBOR for the applicable interest period plus 3.16% through maturity. The Company may, at its option, redeem the notes, in whole or in part, on any interest payment date on or after December 30, 2023, and at any time upon the occurrence of certain events. There are no debt covenants on the subordinated notes payable.