Annual report pursuant to Section 13 and 15(d)

OTHER BORROWINGS

v3.3.1.900
OTHER BORROWINGS
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
OTHER BORROWINGS
NOTE 10.
OTHER BORROWINGS
 
Other borrowings are comprised of:
 
·
$20.0 million of the Company’s 5.5% Subordinated Notes due November 9, 2022, which were issued in a private placement in November 2012 and pay interest semi-annually,
·
$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, and
·
$1.0 million 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 issuance costs.