Long-term debt (Notes)

12 Months Ended

Dec. 31, 2015

Long-Term Debt

On June 27, 2013, the Company borrowed $16,000 from a commercial bank in the form of a five-year amortizing secured term loan with a variable rate of 1.95 percent plus 30-day LIBOR, which totaled 2.19 percent as of December 31, 2015. The proceeds were used to finance the repurchase and cancellation of 1,440,592 shares of common stock discussed in Note 14. In the event that the Company defaults under the note, the interest rate would increase by an additional 5.00 percent. The outstanding balance on the note was $7,800 and $12,000 as of December 31, 2015 and 2014, respectively. The note is secured by a pledge of certain Company assets, including the stock of West Bank.

During June 2013, the Company purchased two commercial lots in Coralville, Iowa for construction of a new eastern Iowa main office. A portion of the purchase was financed with a $765 eight-and-one-half-year variable payment contract with a fixed interest rate of 1.25 percent. The outstanding balance on the contract as of December 31, 2015 and 2014 was $615 and $676, respectively.

Future required principal payments for long-term debt as of December 31, 2015 are shown in the table below.



2016	$	3,286
2017	3,312
2018	1,514
2019	115
2020	116
Thereafter	72
	$	8,415