Note 12 - Subordinated Debentures (Trust Preferred Securities)

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Subordinated Borrowings Disclosure [Text Block]

(12)

Subordinated

Debentures

(Trust

Preferred

Securities)

								Total
				3-M onth		Added		Interest			5 - Year
Description	Date	Amount		Libor Rate		Points		Rate		Maturity	Call Option
	(In Thousands)
Colony Bankcorp Statutory Trust III	6/17/2004	$	4,640		0.99317		2.68		3.67317	6/14/2034	6/17/2009
Colony Bankcorp Capital Trust I	4/13/2006		5,155		0.99789		1.50		2.49789	4/13/2036	4/13/2011
Colony Bankcorp Capital Trust II	3/12/2007		9,279		0.99817		1.65		2.64817	3/12/2037	3/12/2012
Colony Bankcorp Capital Trust III	9/14/2007		5,155		0.88733		1.40		2.28733	9/14/2037	9/14/2012

The Trust Preferred Securities are recorded as subordinated debentures on the consolidated balance sheets, and subject to certain limitations, qualify as Tier

1

Capital for regulatory capital purposes. The proceeds from these offerings were used to fund certain acquisitions, pay off holding company debt and inject capital into the Bank subsidiary.

The Trust Preferred Securities pay interest quarterly.

Quarterly interest payments on the Trust Preferred Securities were suspended from

February

13,

2012

until

November

17,

2014,

at which time the Company reinstated the interest payments and paid

$1,069,695

of interest payments in arrears.