(9) Subordinated Debentures (Trust Preferred Securities)

3 Month

Added

Total

5 Year

Description

Date

Amount

Libor Rate

Points

Rate

Maturity

Call Option

Colony Bankcorp Statutory Trust III

6/17/2004

4,500

0.23460

2.68

2.91460

6/14/2034

6/17/2009

Colony Bankcorp Capital Trust I

4/13/2006

5,000

0.23310

1.50

1.73310

4/13/2036

4/13/2011

Colony Bankcorp Capital Trust II

3/12/2007

9,000

0.23310

1.65

1.88310

3/12/2037

3/12/2012

Colony Bankcorp Capital Trust III

9/14/2007

5,000

0.23610

1.40

1.63610

9/14/2037

9/14/2012

The Trust Preferred Securities are recorded as subordinated debentures on the consolidated balance sheets, but subject to certain limitations, qualify as Tier 1 Capital for regulatory capital purposes. The proceeds from the offerings were used to fund certain acquisitions, pay off holding company debt and inject capital into the bank subsidiary.

On February 13, 2012, the Company announced the suspension of the quarterly interest payments on the Trust Preferred Securities. Under the terms of the trust documents, the Company may defer payments of interest for up to 20 consecutive quarterly periods without default or penalty. The regularly scheduled interest payments will continue to be accrued for payment in the future and reported as an expense in the current period. At September 30, 2014, accrued but unpaid interest expense totaled $1.5 million.