XML 17 R42.htm IDEA: XBRL DOCUMENT v2.4.0.8
Preferred Capital Offering (Details) (USD $)
9 Months Ended
Sep. 30, 2014
Preferred Capital Offering (Textual)  
Description of preferred capital offering On September 22, 2014, the Company filed a Registration Statement on Form S-1 with the Securities and Exchange Commission (the "SEC"). The Registration Statement describes the Company's intent to raise up to $15,000,000 pursuant to a proposed public offering of up to 1,500,000 depositary shares, each representing a 1/100th ownership interest in a 6.50% noncumulative convertible perpetual preferred share, Series A, of the Company. A minimum of 1,000,000 depositary shares ($10,000,000) must be sold by the Company to complete the offering.
Proposed offering to pay off debt $ 7,000,000
Percentage of dividend rate of noncumulative convertible preferred share 6.50%
Common stock, conversion basis

The dividend rate will be 6.5% and will convert to common shares after five years provided the common stock price exceeds 120% of the conversion price. The conversion price, established as a 17.5% premium above the closing price as of November 6, 2014 of $8.80 per share, is$10.34. The conversion ratio is determined by dividing the preferred share total dollar investment by the conversion price to calculate the number of common shares.