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, 2022
Notes to Financial Statements  
Short-Term Debt [Text Block]

NOTE 10.         OTHER BORROWINGS

 

Other borrowings are comprised of:

 

 

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$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 be prepaid by the Company.
 

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$34.75 million of the Company’s 4% Subordinated Notes due October 21, 2030, which were issued in a private placement in October 2020 and pay interest semi-annually. The Notes may not be prepaid by the Company prior to October 21, 2025.

 

Debt is reported net of unamortized issuance costs of $24,000 and $44,000 as of December 31, 2022 and 2021, respectively.