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Note 21 - Commitments and Contingent Liabilities | 12 Months Ended
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Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies Disclosure [Text Block] | Note 21 – Commitments and Contingent Liabilities The Company has various financial obligations, including contractual obligations and commitments that may require future cash payments. Except for its loan commitments, as shown in Note 20 to the Consolidated Financial Statements, the following table shows details on these fixed and determinable obligations as of December 31, 2015 in the time period indicated.
|  | Within One |  |  | One to |  |  | Three to |  |  | Over Five |  |  |  |  |
(dollars in thousands) |  | Year |  |  | Three Years |  |  | Five Years |  |  | Years |  |  | Total |
Deposits without a stated maturity (1) |  | $ | 4,419,189 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 4,419,189 |
Time deposits (1) |  |  | 446,956 |  |  |  | 272,551 |  |  |  | 19,748 |  |  |  | - |  |  |  | 739,255 |
Borrowed funds (2) |  |  | 72,356 |  |  |  | - |  |  |  | - |  |  |  | 70,000 |  |  |  | 142,356 |
Operating lease obligations |  |  | 8,061 |  |  |  | 13,942 |  |  |  | 12,402 |  |  |  | 11,398 |  |  |  | 45,803 |
Outside data processing (3) |  |  | 2,369 |  |  |  | 4,526 |  |  |  | 2,158 |  |  |  | - |  |  |  | 9,053 |
George Mason sponsorship (4) |  |  | 650 |  |  |  | 1,300 |  |  |  | 1,300 |  |  |  | 10,500 |  |  |  | 13,750 |
Total |  | $ | 4,949,581 |  |  | $ | 292,319 |  |  | $ | 35,608 |  |  | $ | 91,898 |  |  | $ | 5,369,406 |
(1) | Excludes accrued interest payable at December 31, 2015.
(2) | Borrowed funds include customer repurchase agreements, and other short-term and long-term borrowings.
(3) | The Bank has outstanding obligations under its current core data processing contract that expires in December 2019 and one other vendor arrangement that relates to data communications and data software that expires in December 2017.
(4) | The Bank has the option of terminating the George Mason agreement at the end of contract years 10 and 15 (that is, effective June 30, 2025 or June 30, 2030). Should the Bank elect to exercise its right to terminate the George Mason contract, contractual obligations would decrease $3.5 million and $3.6 million for the first option period (years 11-15) and the second option period (16-20), respectively.
Effective July 1, 2015, the Bank entered into a multi-faceted support agreement with George Mason University (“George Mason”), the Commonwealth of Virginia’s largest public research university. The agreement provides for significant educational support, and a strategic alliance including the Bank obtaining the naming rights to a multi-purpose sports and entertainment venue formerly known as the Patriot Center in Fairfax, VA for up to a 20 year term and now known as “EagleBank Arena”. Under the agreement, the Bank pays George Mason an annual fee to be used for scholarships, internships, overall educational and athletic support and beautification efforts. The Bank has the option to terminate the agreement at the end of contract years 10 and 15 (that is, effective June 30, 2025 or June 30, 2030). The payment schedule under the agreement is as follows:
Contract Year | Annual Fee
1-5 | $ 650,000
6-10 | $ 675,000
11-15 | $ 700,000
16-20 | $ 725,000
In the normal course of its business, the Company is involved in litigation arising from banking, financial, and other activities it conducts. Management, after consultation with legal counsel, does not anticipate that the ultimate liability, if any, arising out of these matters will have a material effect on the Company’s financial condition, operating results or liquidity.

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