Note 8 - Deposits and Borrowed Funds

3 Months Ended

Mar. 31, 2014

Deposits And Borrowed Funds [Abstract]

Deposits And Borrowed Funds [Text Block]

Note 8: Deposits and Borrowed Funds

The following table provides additional detail regarding deposits.

	Deposits
	At March 31, 2014		At December 31, 2013
	(In thousands)
Noninterest-bearing	$	1,778,034	$	1,740,182
Interest-bearing:
Transaction		771,299		763,088
Savings		1,207,881		1,167,744
Time		457,569		492,767
Total deposits	$	4,214,783	$	4,163,781

Demand deposit overdrafts of $6,573 thousand and $3,002 thousand were included as loan balances at March 31, 2014 and December 31, 2013, respectively. Interest expense for aggregate time deposits with individual account balances in excess of $100 thousand was $232 thousand in the first quarter 2014 and $304 thousand in the first quarter 2013.

Short-term borrowed funds of $64,382 thousand and $62,668 thousand at March 31, 2014 and December 31, 2013, respectively, represent securities sold under agreements to repurchase the securities. As the Company is obligated to repurchase the securities, the transfer of the securities is accounted for as a secured borrowing rather than a sale. Securities sold under repurchase agreements are held in the custody of independent securities brokers. The carrying amount of the securities approximates $213,960 thousand and $113,902 thousand at March 31, 2014 and December 31, 2013, respectively. The short-term borrowed funds mature on an overnight basis.

Federal Home Loan Bank (“FHLB”) advances with carrying value of $20,437 thousand at March 31, 2014 and $20,577 thousand at December 31, 2013 are secured by residential real estate loans, the amount of such loans approximates $22,766 thousand at March 31, 2014 and $24,242 thousand at December 31, 2013. The FHLB advances are due in full at par value upon their maturity dates: $20,000 thousand mature in January 2015. The FHLB advances may be paid off prior to such maturity dates subject to prepayment fees.

The $10,000 thousand term repurchase agreement at March 31, 2014 and December 31, 2013 represents securities sold under an agreement to repurchase the securities. As the Company is obligated to repurchase the securities, the transfer of the securities is accounted for as a secured borrowing rather than a sale. Securities sold under repurchase agreements are held in the custody of independent securities brokers. The carrying amount of the related securities is approximately $10,740 thousand at March 31, 2014 and $11,278 thousand at December 31, 2013. The term repurchase agreement matures in full in August 2014.

The Company has a $35,000 thousand unsecured line of credit which had no outstanding balance at March 31, 2014 and December 31, 2013. The line of credit interest rate is a variable rate of 2.0% per annum, payable monthly on outstanding advances. Advances may be made up to the unused credit limit under the line of credit through March 18, 2015.