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Other Borrowings [Text Block]
 12 Months Ended
Dec. 31, 2015
Other Borrowings [Text Block]

11. OTHER BORROWINGS

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

 

(Dollar amounts in thousands)

Description

    Maturity range      Weighted-
average
interest rate		     Stated interest
rate range		               
   from      to        from     to     2015      2014  

Fixed-rate amortizing

      07/01/17         10/01/28         4.02 %      2.99 %      4.47 %    $ 1,691       $ 2,376   

Junior subordinated debt

      12/21/37         12/21/37         1.95 %      1.90        1.99        8,248         8,248   
              

 

 

     

 

 

  

Total

                $ 9,939       $ 10,624   
              

 

 

     

 

 

  

The scheduled maturities of other borrowings are as follows:

 

(Dollar amounts in thousands)              

Year Ending December 31,

    Amount      Weighted-
Average Rate		  

2016

      502         4.00 % 

2017

      373         4.00 % 

2018

      252         4.02 % 

2019

      155         4.04 % 

2020

      116         4.04 % 

Beyond 2020

      8,542         1.51 % 
  

 

 

     

 

 

  

Total

    $ 9,939         1.84 % 
  

 

 

     

 

 

  

Fixed-rate amortizing advances from the FHLB require monthly principal and interest payments and an annual 20 percent paydown of outstanding principal. Monthly principal and interest payments are adjusted after each 20 percent paydown. 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 $80.0 million at December 31, 2015.

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%. 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 other borrowings on the Company’s Consolidated Balance Sheet.