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Note 10 - Other Borrowings
 12 Months Ended
Dec. 31, 2012
Other Borrowings [Text Block]
10.    OTHER BORROWINGS

Other borrowings consist of advances from the FHLB and subordinated debt as follows:

(Dollar amounts in thousands)
   
Maturity range
   
Weighted-
average
   
Stated interest
rate range
             
Description
   
from
   
to
   
interest rate
   
from
   
to
   
2012
   
2011
 
                                             
Fixed rate amortizing
   
01/23/13
   
09/04/28
      3.99 %     2.70 %     4.48 %   $ 4,722     $ 6,576  
Convertible
   
10/09/12
   
10/09/12
      4.14       4.14       4.14       -       2,007  
Junior subordinated debt
   
12/21/37
   
12/21/37
      2.50       1.98       6.58       8,248       8,248  
                                                       
Total
                                        $ 12,970     $ 16,831  

The scheduled maturities of other borrowings are as follows:

(Dollar amounts in thousands)
           
Year Ending December 31,
 
Amount
   
Average Rate
 
             
2013
  $ 1,362       3.95 %
2014
   
984
      3.99  
2015
   
685
      4.01  
2016
   
502
      4.00  
2017
   
373
      4.00  
Beyond 2017
   
9,065
      2.17  
                 
Total
  $ 12,970       2.63 %

The Company entered into a ten-year “Convertible Select” fixed commitment advance arrangement with the FHLB.  Rates may be reset at the FHLB’s discretion on a quarterly basis based on the three-month LIBOR rate.  At each rate change, the Company may exercise a put option and satisfy the obligation without penalty.

Fixed rate amortizing advances from the FHLB require monthly principal and interest payments and an annual 20 percent pay-down of outstanding principal.  Monthly principal and interest payments are adjusted after each 20 percent pay-down.  Under the terms of a blanket agreement, FHLB borrowings are secured by certain qualifying assets of the Company which consist principally of first mortgage loans or mortgage-backed securities.  Under this credit arrangement, the Company has a remaining borrowing capacity of approximately $68.9 million at December 31, 2012.

In December 2006, the Company formed a special purpose entity (“Entity”) to issue $8,000,000 of floating rate, obligated mandatorily redeemable securities, and $248,000 in common securities as part of a pooled offering.  The rate adjusts quarterly, equal to LIBOR plus 1.67 percent.  The Entity may redeem them, in whole or in part, at face value.  The Company borrowed the proceeds of the issuance from the Entity in December 2006 in the form of an $8,248,000 note payable, which is included in the liabilities section of the Company’s Consolidated Balance Sheet.