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Note 21 - Commitments and Contingent Liabilities
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
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,
2016
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)
   $
4,967,366
    $
-
    $
-
    $
-
    $
4,967,366
 
Time deposits (1)
    
478,801
     
239,055
     
30,892
     
-
     
748,748
 
Borrowed funds (2)
    
68,876
     
-
     
-
     
220,000
     
288,876
 
Operating lease obligations
   
8,016
     
15,200
     
13,059
     
16,179
     
52,454
 
Outside data processing (3)
    
5,048
     
9,606
     
2,619
     
-
     
17,273
 
George Mason sponsorship (4)
    
650
     
1,300
     
1,325
     
9,825
     
13,100
 
Non-Compete agreement (5)
    
1,005
     
251
     
-
     
-
     
1,256
 
Total
   $
5,529,762
    $
265,412
    $
47,895
    $
246,004
    $
6,089,073
 
     
 
(1)
Excludes accrued interest payable at
December
31,
2016.
 
(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 expire in
May
2020
and
two
other vendor arrangements that relate to network infrastructure and data center services,
one
expires in
July
2020
and the other expires in
December
2018.
 
(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.
 
(5)
Non-compete agreement with a retired Director.
 
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.