Annual report pursuant to Section 13 and 15(d)

OTHER BORROWINGS

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OTHER BORROWINGS
 12 Months Ended
Dec. 31, 2016
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. The Notes were not eligible for prepayment by the Company prior to November 9, 2015.
·
$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.
·
$600,000 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 $87,000 and $111,000 as of December 31, 2016 and 2015, respectively.