The table
below summarizes the outstanding junior subordinated debentures and
the related trust preferred securities issued by each trust as of
December 31, 2013:
|
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|
|
|
|
|
| |
|
December 31, 2013
|
| |
|
GCB |
|
State Bancorp |
|
State Bancorp |
| |
|
Capital Trust III
|
|
Capital Trust I
|
|
Capital Trust II
|
|
Junior Subordinated
Debentures:
|
|
|
|
|
|
|
|
Carrying
value (1)
|
|
$24,982 |
|
$8,424 |
|
$7,683 |
|
Contractual principal
balance
|
|
$24,743 |
|
$10,310 |
|
$10,310 |
|
Annual interest
rate (2)
|
|
6.96% |
|
3-month LIBOR + 3.45% |
|
3-month LIBOR + 2.85% |
|
Stated maturity
date
|
|
July 30, 2037 |
|
November 7,
2032 |
|
January 23,
2034 |
|
Initial call
date
|
|
July 30, 2017 |
|
November 7,
2007 |
|
January 23,
2009 |
|
Trust Preferred
Securities:
|
|
|
|
|
|
|
|
Face value
|
|
$24,000 |
|
$10,000 |
|
$10,000 |
|
Annual distribution
rate (2)
|
|
6.96% |
|
3-month LIBOR + 3.45% |
|
3-month LIBOR + 2.85% |
|
Issuance date
|
|
July 2, 2007 |
|
October 29,
2002 |
|
December 19,
2003 |
|
Distribution
dates (3)
|
|
Quarterly |
|
Quarterly |
|
Quarterly |
| (1) |
The carrying value for GCB Capital Trust III includes an
unamortized purchase accounting premium of $239 thousand, and the
carrying values for State Bancorp Capital Trust I and State Bancorp
Capital Trust II include purchase accounting discounts of $1.9
million and $2.6 million, respectively.
|
| (2) |
Interest on GCB Capital Trust III is fixed until July 30,
2017, then resets to 3-month LIBOR plus 1.4 percent. The annual
interest rate for all of the junior subordinated debentures and
related trust preferred securities excludes the effect of the
purchase accounting adjustments.
|
| (3) |
All cash distributions are cumulative.
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|