Extinguishment of Debt

12 Months Ended

Dec. 31, 2017

Extinguishment Of Debt Disclosures [Abstract]

Extinguishment of Debt

NOTE 20 – EXTINGUISHMENT OF DEBT

In January of 2016, the Company paid off two FHLB convertible fixed rate advances totaling $4.5 million with an average rate of 4.01% due in 2017.  The Company incurred prepayment penalties of $242,000, or $160,000 after tax.  The Earnings per Share effect of ($.04) was offset by gains generated on investment securities sales during the same month.  The Company used a combination of alternative wholesale borrowings at a rate of 1.44% and current liquidity to fund the early payoff, for an estimated annual interest expense savings of $130,000.