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Note 11 - Other Borrowings | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Other Borrowings [Text Block] |
11. | OTHER BORROWINGS
Other borrowings consist of advances from the FHLB and subordinated debt as follows:
|  |  |  |  |  |  |  | Weighted- |  |  | Stated interest |  |  |  |  |  |  |  |  |
(Dollar amounts in thousands) |  | Maturity range |  |  | average |  |  | rate range |  |  |  |  |  |  |  |  |
Description |  | from |  |  | to |  |  | interest rate |  |  | from |  |  |  | to |  |  |  | 2017 |  |  |  | 2016 |
Fixed-rate amortizing |  | 02/01/18 |  | 10/01/28 |  |  |  | 1.24 | % |  |  | 1.01 | % |  |  | 4.47 | % |  | $ | 20,817 |  |  | $ | 1,189 |
Junior subordinated debt |  | 12/21/37 |  | 12/21/37 |  |  |  | 2.85 | % |  |  | 2.56 | % |  |  | 3.05 | % |  |  | 8,248 |  |  |  | 8,248 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 29,065 |  |  | $ | 9,437 |
The scheduled maturities of other borrowings are as follows:
(Dollar amounts in thousands) |  |  |  |  |  |  |  |
|  |  |  |  |  | Weighted- |
Year Ending December 31, |  | Amount |  |  | Average Rate |
2018 |  | $ | 20,252 |  |  |  | 1.16 | %
2019 |  |  | 155 |  |  |  | 4.04 | %
2020 |  |  | 116 |  |  |  | 4.04 | %
2021 |  |  | 87 |  |  |  | 4.04 | %
2022 |  |  | 65 |  |  |  | 4.04 | %
Beyond 2022 |  |  | 8,390 |  |  |  | 2.79 | %
Total |  | $ | 29,065 |  |  |  | 2.86 | %
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 $192.2 million at December 31, 2017. T he Company formed a special purpose entity (“Entity”) to issue $8.0 million 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 $8.3 million note payable, which is included in the other borrowings on the Company’s Consolidated Balance Sheet.

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- Definition Disclosure related to other borrowings. + References No definition available. + Details
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