Annual report pursuant to Section 13 and 15(d)

Note 10 - Other Borrowings

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Note 10 - Other Borrowings
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Short-term Debt [Text Block]
NOTE
10.
OTHER BORROWINGS
 
Other borrowings are comprised of:
 
•
$34.75
million of the Company’s
5%
Subordinated Notes due
July 15, 2025,
which were issued in a private placement in
July 2015
and pay interest semi-annually. The Notes
may
not
be prepaid by the Company prior to
July 15, 2020.
•
$30.0
million on the Company’s
4.5%
Subordinated Notes due
November 8, 2027,
which were issued in a private placement in
November 2017
and pay interest semi-annually. The Notes
may
not
be prepaid by the Company prior to
November 8, 2022.
•
$200,000
of principal reducing advances from the Federal Home Bank of Atlanta, which have an interest rate of
0.75%
and require quarterly principal payments of
$100,000
until maturity on
May 22, 2018.
 
Debt is reported net of unamortized issuance costs of
$118,000
and
$87,000
as of
December 31, 2017
and
2016,
respectively.