XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Event
6 Months Ended
Jun. 30, 2018
Subsequent Event [Abstract]  
Subsequent Event

Note 11 – Subsequent Event



On July 30, 2018, the Company issued $33.5 million of fixed-to-floating rate subordinated debentures in a private placement. The notes mature in 2028 and carry a fixed interest rate of 5.625% for the first five years. Thereafter, the notes will pay interest at 3-month LIBOR plus 2.72%. The subordinated debentures qualify as Tier 2 capital for the Company for regulatory purposes and the portion that the Company contributes to the Bank will qualify as Tier 1 capital for the Bank. The additional capital will be used for general corporate purposes including organic growth initiatives.