FHLB Advances (Notes)

9 Months Ended

Sep. 30, 2015

Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]

FHLB Advances, Disclosure [Text Block]

FHLB ADVANCES

On May 19, 2015, the Company’s wholly owned subsidiary, Mackinaw Insurance Company, LLC (or "Mackinaw") was approved for membership in the FHLB of Indianapolis (or "FHLBI"). As a member of the FHLBI, Mackinaw has access to a variety of products and services offered by the FHLB system, including secured advances. As of September 30, 2015, the Company's FHLB advances were all due within 30 days. As of September 30, 2015, Mackinaw had $255,000 in outstanding advances with a borrowing rate of 0.20% and had Agency MBS and cash with a combined fair value of $274,195 pledged as collateral. The Company's maximum borrowing capacity with the FHLB was $527,760 as of September 30, 2015.

As a condition to membership in the FHLBI, the Company is required to purchase and hold a certain amount of FHLB stock, which is based, in part, upon the outstanding principal balance of FHLB advances. As of September 30, 2015, the Company had stock in the FHLBI totaling $11,475 which is shown on the Company's consolidated balance sheet as "Investment in FHLB stock". FHLB stock is considered a non-marketable, long-term investment, is carried at cost and is subject to recoverability testing under applicable accounting standards. This stock can only be redeemed or sold at its par value and only to the FHLBI.