Notes Payable

12 Months Ended

Dec. 31, 2013

Short-Term Borrowings and Notes Payable [Abstract]

Note 12: Notes Payable

Notes payable at December 31, included:

($ in thousands)	2013		2012

Note payable in the amount of $2.7 million, secured by all equipment and receivables of RDSI, monthly payments of $34 thousand together with interest at a fixed rate of 6.00%, maturing July 20, 2015.	$	589	$	952

Note payable with First Tennessee Bank, with an original amount of $1.5 million, secured by 300,000 shares of State Bank common stock, principal payments of $187 thousand quarterly together with interest at the greater of the 3 Month LIBOR rate plus 3.75%, or 6.0%. The Note was paid in full in September 2013.		-		750

	$	589	$	1,702

Aggregate annual maturities of notes payable at December 31, 2013 were:

($ in thousands)	Debt

2014	$	353
2015		236


	$	589

At both December 31, 2013 and 2012, State Bank had $11.5 million in federal funds lines, of which $0 was drawn upon.

- 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.

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