Long-Term Debt and Other Borrowed Funds

12 Months Ended

Dec. 31, 2016

LONG-TERM DEBT AND OTHER BORROWED FUNDS

A summary of long-term debt follows:



December 31,	2016		2015
Parent Company:
6.81% subordinated term loan maturing January 9, 2018, principal due at maturity, interest payable quarterly	$	20,000	$	20,000
Subsidiaries:
8.00% capital lease obligation with term ending October 25, 2029	1,517		1,582
6.24% note payable maturing September 6, 2032, principal due at maturity, interest payable monthly	1,493		1,343
2.28% note payable maturing July 29, 2022, principal due at maturity, interest payable monthly	4,960		4,960
Total long-term debt	$	27,970	$	27,885



Maturities of long-term debt at December 31, 2016 are as follows:
2017	$	71
2018	20,077
2019	83
2020	90
2021	97
Thereafter	7,552
Total	$	27,970

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 qualified as tier 2 capital under regulatory capital adequacy guidelines in 2016.

The Company has available lines of credit with the FHLB of approximately $805,676, subject to collateral availability. As of December 31, 2016 and 2015, there were no long or short-term advances outstanding with the FHLB.

The Company has a capital lease obligation on a banking office. The balance of the obligation was $1,517 and $1,582 as of December 31, 2016 and 2015, 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 acquisitions in 2014, the Company assumed a 6.24% fixed rate unsecured note payable related to a new markets tax credit. The note payable matures on September 6, 2032, with interest payable monthly and principal due at maturity. The balance of the obligation was $1,493 and $1,343 as of December 31, 2016 and 2015, 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 $6 and $2 as of December 31, 2016 and 2015, 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 $472,925 secured by a blanket pledge of indirect consumer loans.