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Subsequent Events | 12 Months Ended
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Dec. 31, 2020
Subsequent Events |
Subsequent Events | NOTE 32 Subsequent Events Subsequent to year end, the Company gave notice pursuant to Section 4(b) of the 5.75% Fixed to Floating Rate Subordinated Notes due 2025, or the Subordinated Notes, of the Company, that the entire aggregate $50.0 million outstanding principal amount of the Subordinated Notes were being called for redemption, and would be redeemed effective Friday, January 29, 2021, or the Redemption Date. On the Redemption Date, holders of record of the Subordinated Notes were paid 100% of the outstanding principal amount of each Subordinated Note, plus accrued and unpaid interest thereon to, but excluding the Redemption Date. Subsequent to year end, the Company received a commitment from the Bank of North Dakota for subordinated debenture financing. The Company was approved to borrow up to $50.0 million at a fixed interest rate of 3.50% for the first five years, the rate will then reset at the 5 year FHLB advance rate plus 2.00%, with a floor of 3.50%. The subordinated note will have a 10 year maturity and will qualify for Tier 2 capital. The commitment expires May 23, 2021, and the Company is currently planning to advance on the commitment on March 30, 2021. Subsequent events have been evaluated through March 12, 2021, which is the date these financial statements were issued. ​

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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