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Note 8 - Borrowings

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

8

. Borrowings

The following table presents the components of borrowings as of the dates indicated:

		September 30, 2018								December 31, 2017
(Amounts in thousands)		Balance				Weighted Average Rate				Balance				Weighted Average Rate
Short-term borrowings
Retail repurchase agreements		$	5,151				0.10	%		$	5,086				0.07	%
Long-term borrowings
Wholesale repurchase agreement			25,000				3.18	%			25,000				3.18	%
FHLB advances			-								50,000				4.00	%
Total borrowings		$	30,151							$	80,086

Repurchase agreements are secured by certain securities that remain under the Company’s control during the terms of the agreements. The following schedule presents the contractual maturities of repurchase agreements, by type of collateral pledged, as of

September 30, 2018:

		Overnight and Continuous				Up to 30 Days				30 - 90 Days				Greater than 90 Days				Total
(Amounts in thousands)
U.S. Agency securities		$	-			$	-			$	-			$	14,447			$	14,447
Municipal securities			3,645				-				-				524				4,169
Mortgage-backed Agency securities			1,429				-				-				10,106				11,535
Total		$	5,074			$	-			$	-			$	25,077			$	30,151

As of

September 30, 2018,

long-term borrowings consisted of a wholesale repurchase agreement that matures in

2019

with a weighted average maturity of

0.41

years. During the

third

quarter of

2018,

the Company prepaid its remaining

$50

million FHLB convertible advance and incurred a loss on the extinguishment of the debt of

$1.10

million. The prepayment was funded with cash and cash equivalents on hand, as well as the sale of the Company’s remaining single issue trust preferred investment securities.

Unused borrowing capacity with the FHLB totaled

$411.31

million, net of FHLB letters of credit of

$143.68

million, as of

September 30, 2018.

As of

September 30, 2018,

the Company pledged

$879.41

million in qualifying loans to secure the FHLB letters of credit, which provide an attractive alternative to pledging securities for public unit deposits.

The Company maintains a

$15.00

million unsecured, committed line of credit with an unrelated financial institution with an interest rate of

one

-month LIBOR plus

2.00%

that matures in

April 2019.

There was

no

outstanding balance on the line as of

September 30, 2018,

or

December 31, 2017.

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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- References

No definition available.

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