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Note 10 - Junior Subordinated Debentures
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Debt Disclosure [Text Block]
NOTE
10
– JUNIOR SUBORDINATED DEBENTURES
 
The junior subordinated debentures are redeemable at par prior to maturity at the option of the Company as defined within the trust indenture. The Company has the option to defer interest payments on the junior subordinated debentures from time to time for a period
not
to exceed
20
 consecutive quarters. A deferral period
may
begin at the Company’s discretion so long as interest payments are current. The Company is prohibited from paying dividends on preferred and common shares when interest payments are in deferral. At
December 31, 2019,
the Company is current on all interest payments.
 
A summary of the junior subordinated debentures is as follows:
 
Description
  
Issuance
Date
  
Interest Rate (1)
  
Junior
Subordinated
Debt Owed
To
Trust
  
Maturity
Date
(2)
Statutory Trust I
  
2/13/2004
  
3-month LIBOR + 2.85%
   $
3,000,000
  
2/13/2034
Statutory Trust II
  
2/13/2004
  
3-month LIBOR + 2.85%
    
5,000,000
  
2/13/2034
Statutory Trust III
  
4/15/2004
  
3-month LIBOR + 2.79%
    
3,000,000
  
4/15/2034
Statutory Trust IV
  
12/14/2006
  
3-month LIBOR + 1.67%
    
10,000,000
  
3/01/2037
   
 
  
 
   $
21,000,000
  
 
 
(
1
)
As of
December 
31,
2019,
the
3
-month LIBOR was
1.91%.
(
2
)
The debentures are callable at the Company’s option at their principal amount plus accrued interest.