LONG-TERM DEBT AND OTHER BORROWED FUNDS

A summary of long-term debt follows:



December 31,	2015		2014
Parent Company:
6.81% subordinated term loan maturing January 9, 2018, principal due at maturity, interest payable quarterly	$	20,000	$	20,000
Subsidiaries:
Variable rate subordinated term loan maturing February 28, 2018, principal due at maturity, interest payable quarterly	—		15,000
4.86% note payable to FHLB, maturing October 31, 2015	—		225
8.00% capital lease obligation with term ending October 25, 2029	1,582		1,643
6.24% note payable maturing September 2032, principal due at maturity, interest payable monthly	1,343		1,199
2.28% note payable maturing July 29, 2022, principal due at maturity, interest payable monthly	4,960		—
Total long-term debt	$	27,885	$	38,067



Maturities of long-term debt at December 31, 2015 are as follows:
2016	$	65
2017	71
2018	20,077
2019	83
2020	90
Thereafter	7,499
Total	$	27,885

On January 10, 2008, the Company borrowed $20,000 on a 6.81% unsecured subordinated term loan maturing January 9, 2018, with interest payable quarterly and principal due at maturity. A portion of the unsecured subordinated term loan qualifies as tier 2 capital under regulatory capital adequacy guidelines.

During February 2008, the Company borrowed $15,000 on a variable rate unsecured subordinated term loan maturing February 28, 2018, with interest payable quarterly and principal due at maturity. The Company elected at various dates an interest rate equal to either prime or LIBOR plus 2.00%. The Company repaid this note on November 30, 2015. No prepayment penalties were incurred in conjunction with the early repayment. Unamortized debt issuance costs of $7 were charged to expense in 2015.

The Company has available lines of credit with the FHLB of approximately $752,639, subject to collateral availability. As of December 31, 2015, there were no long or short-term advances outstanding with the FHLB. As of December 31, 2014, FHLB advances of $225, which were secured by a blanket assignment of the Company’s qualifying residential and commercial real estate loans, were included in long-term debt.

The Company has a capital lease obligation on a banking office. The balance of the obligation was $1,582 and $1,643 as of December 31, 2015 and 2014, respectively. Assets acquired under capital lease, consisting solely of a building and leasehold improvements, are included in premises and equipment and are subject to depreciation.

In conjunction with the MWFC acquisition, the Company assumed a 6.24% fixed rate unsecured note payable maturing in September, 2032, with interest payable monthly and principal due at maturity. The balance of the obligation was $1,343 and $1,199 as of December 31, 2015 and 2014, respectively.

On January 29, 2015, the Company borrowed $4,960 on a 2.28% note payable maturing July 29, 2022, with interest payable monthly and principal due at maturity. The note is collateralized by the Company's equity interest in Universal Sub CDE, LLC, a CDE owned 99.9% by the Company.

The Company had other borrowed funds of $2 and $9 as of December 31, 2015 and 2014, respectively, consisting of demand notes issued to the United States Treasury, secured by investment securities and bearing no interest.

The Company has federal funds lines of credit with third parties amounting to $165,000, subject to funds availability. These lines are subject to cancellation without notice. The Company also has a line of credit with the Federal Reserve Bank for borrowings up to $407,739 secured by a blanket pledge of indirect consumer loans.