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Note 8 - Borrowings | 3 Months Ended
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Mar. 31, 2016
Notes to Financial Statements |
Debt Disclosure [Text Block] | Note 8. Borrowings ASU 2015-03, “Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs simplifies the presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The Company adopted ASU 2015-03 as of the end of its fiscal year 2015, and applied its provisions retrospectively. The following table presents information related to the Company’s borrowings for the periods ended March 31, 2016, December 31, 2015 and March 31, 2015.
(dollars in thousands) |  | March 31, 2016 |  |  | December 31, 2015 |  |  | March 31, 2015 |
Subordinated Notes, 5.75% |  | $ | 70,000 |  |  | $ | 70,000 |  |  | $ | 70,000 |
Subordinated Notes, 8.5% |  |  | - |  |  |  | - |  |  |  | 9,300 |
Less: debt issurance costs |  |  | (1,042 | ) |  |  | (1,072 | ) |  |  | (1,165 | )
Long-term borrowings |  | $ | 68,958 |  |  | $ | 68,928 |  |  | $ | 78,135 |
On August 5, 2014, the Company completed the sale of $70.0 million of its 5.75% subordinated notes, due September 1, 2024 (the “Notes”). The Notes were offered to the public at par and qualify as Tier 2 capital for regulatory purposes to the fullest extent permitted under the Basel III Rule capital requirements. The net proceeds were approximately $68.8 million, which includes $1.2 million in deferred financing costs which is being amortized over the life of the Notes. On August 30, 2010, the Company entered into and consummated a Note Exchange Agreement, pursuant to which the Company issued, on a private placement basis, to eight parties, all of which are current or former directors of the Company or accounts for the benefit of such persons, an aggregate of $9.3 million of a new series of subordinated notes. During 2015, the Company redeemed the remaining balance of $9.3 million of subordinated notes, due 2021.

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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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