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FHLB Advances, Other Borrowings and Junior Subordinated Notes Payable

3 Months Ended

Mar. 31, 2016

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 March 31, 2016 and December 31, 2015 was as follows. Average balances represent year-to-date averages.

		March 31, 2016											December 31, 2015
		Balance				Average balance				Weighted average rate			Balance				Average balance				Weighted average rate
		(Dollars in Thousands)
Federal funds purchased		$	—			$	—			—	%		$	—			$	237			0.86	%
FHLB advances and other borrowings		8,646				9,033				2.00			9,790				15,457				1.14
Senior line of credit		3,910				3,064				3.22			2,510				1,619				3.18
Subordinated notes payable		22,455				22,446				7.14			22,440				22,410				7.14
Junior subordinated notes		9,993				9,991				11.09			9,990				9,982				11.14
		$	45,004			$	44,534			6.75			$	44,730			$	49,705			5.94
Short-term borrowings		$	6,910										$	7,010
Long-term borrowings		38,094											37,720
		$	45,004										$	44,730

As of March 31, 2016, 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, 2016, the Corporation pays a commitment fee on this senior line of credit. During both the three months ended March 31, 2016 and 2015, the Corporation incurred additional interest expense due to this fee of $3,000.

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- References

No definition available.

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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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