Note 8 - Deposits and Borrowed Funds

9 Months Ended

Sep. 30, 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 September 30, 2014		At December 31, 2013
	(In thousands)
Noninterest-bearing	$	1,893,480	$	1,740,182
Interest-bearing:
Transaction		775,377		763,088
Savings		1,231,640		1,167,744
Time		421,141		492,767
Total deposits	$	4,321,638	$	4,163,781

Demand deposit overdrafts of $2,775 thousand and $3,002 thousand were included as loan balances at September 30, 2014 and December 31, 2013, respectively. Interest expense for aggregate time deposits with individual account balances in excess of $100 thousand was $219 thousand and $683 thousand in the third quarter and first nine months of 2014, respectively and $257 thousand and $843 thousand in the third quarter and first nine months of 2013, respectively.

Short-term borrowed funds of $76,943 thousand and $62,668 thousand at September 30, 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 $164,062 thousand and $113,902 thousand at September 30, 2014 and December 31, 2013, respectively. The short-term borrowed funds mature on an overnight basis.

Federal Home Loan Bank (“FHLB”) advances with a carrying value of $20,156 thousand at September 30, 2014 and $20,577 thousand at December 31, 2013 are secured by residential real estate loans and securities. The amount of such loans and securities approximates $28,686 thousand at September 30, 2014 and $32,953 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 term repurchase agreement matured and was repaid in full in August 2014. At December 31, 2013, the carrying value of the term repurchase agreement was $10,000 thousand, representing securities sold under an agreement to repurchase the securities. The Company accounted for the transfer of the securities as a secured borrowing rather than a sale due to its obligation to repurchase the securities. At December 31, 2013, the carrying amount of the related securities was approximately $11,278 thousand, which were held in the custody of independent securities brokers.

The Company has a $35,000 thousand unsecured line of credit which had no outstanding balance at September 30, 2014 and December 31, 2013. The line of credit has a variable interest rate, which was 2.0% per annum at September 30, 2014, with interest payable monthly on outstanding advances. Advances may be made up to the unused credit limit through March 18, 2015.