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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable

FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable

The composition of borrowed funds at September 30, 2015 and December 31, 2014 was as follows. Average balances represent year-to-date averages.

		September 30, 2015											December 31, 2014
		Balance				Average balance				Weighted average rate			Balance				Average balance				Weighted average rate
		(Dollars in Thousands)
Federal funds purchased		$	—			$	148			0.81	%		$	—			$	237			0.82	%
FHLB advances and other borrowings		9,920				17,244				0.97			10,058				5,093				0.56
Senior line of credit		3,510				1,199				3.18			1,010				13				3.30
Subordinated notes payable		22,926				22,926				6.97			22,926				13,362				7.07
Junior subordinated notes		10,315				10,315				10.76			10,315				10,315				10.78
		$	46,671			$	51,832			5.65			$	44,309			$	29,020			7.24
Short-term borrowings		$	8,010										$	2,010
Long-term borrowings		38,661											42,299
		$	46,671										$	44,309

As of September 30, 2015, the Corporation was in compliance with its debt covenants under its third party secured senior line of credit. Per the promissory note dated February 19, 2015, the Corporation pays a commitment fee on this senior line of credit. During the nine months ended September 30, 2015 the Corporation incurred $10,000 additional interest expense due to this fee. Prior to February 19, 2015, the Corporation paid an unused line fee on this senior line of credit. During the nine months ended September 30, 2014, the Corporation incurred $10,000 additional interest expense due to this fee.

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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

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