XML 32 R19.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Note 11 - Borrowings | 12 Months Ended
--- | ---
Dec. 31, 2018
Notes to Financial Statements |
Debt Disclosure [Text Block] | Note 1 1 . Borrowings The following table presents the components of borrowings as of the dates indicated:
|  | December 31, |
|  | 2018 |  |  | 2017 |
(Amounts in thousands) |  | Balance |  |  | Weighted Average Rate |  |  | Balance |  |  | Weighted Average Rate |
Short-term borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retail repurchase agreements |  | $ | 4,370 |  |  |  | 0.12 | % |  | $ | 5,086 |  |  |  | 0.07 | %
Long-term borrowings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholesale repurchase agreements |  |  | 25,000 |  |  |  | 3.18 | % |  |  | 25,000 |  |  |  | 3.18 | %
FHLB advances |  |  | - |  |  |  |  |  |  |  | 50,000 |  |  |  | 4.00 | %
Total borrowings |  | $ | 29,370 |  |  |  |  |  |  | $ | 80,086 |  |  |  |  |
Repurchase agreements are secured by certain securities that remain under the Company’s control during the terms of the agreements. The counterparties may redeem callable repurchase agreements, which could substantially shorten the borrowings’ lives. The prepayment or early termination of a repurchase agreement may result in substantial penalties based on market conditions. The following schedule presents the contractual maturities of repurchase agreements, by type of collateral pledged, as of December 31, 2018:
|  | Overnight and Continuous |  |  | Up to 30 Days |  |  | 30 - 90 Days |  |  | Greater than 90 Days |  |  | Total |
(Amounts in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Agency securities |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 14,322 |  |  | $ | 14,322 |
Municipal securities |  |  | 3,047 |  |  |  | - |  |  |  | - |  |  |  | 833 |  |  |  | 3,880 |
Mortgage-backed Agency securities |  |  | 1,323 |  |  |  | - |  |  |  | - |  |  |  | 9,845 |  |  |  | 11,168 |
Total |  | $ | 4,370 |  |  | $ | - |  |  | $ | - |  |  | $ | 25,000 |  |  | $ | 29,370 |
As of December 31, 2018, long-term borrowings consisted of a wholesale repurchase agreement that matures in 2019 with a weighted average maturity of 0.15 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. As of December 31, 2018, unused borrowing capacity with the FHLB totaled $402.74 million, net of FHLB letters of credit of $144.38 million, The Company pledged $874.17 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 December 31, 2018 or 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 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration