Annual report pursuant to Section 13 and 15(d)

Note 10 - Other Borrowings

v3.19.3.a.u2
Note 10 - Other Borrowings
 12 Months Ended
Dec. 31, 2019
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.

 

Debt is reported net of unamortized issuance costs of $47,000 and $84,000 as of December 31, 2019 and 2018, respectively.