Note 14 – Trust Preferred Debentures

The following table summarizes the Company’s trust preferred debentures as of June 30, 2017 and December 31, 2016 (in thousands):


	June 30,		December 31,
	2017		2016
Grant Park Statutory Trust I – variable interest rate equal to LIBOR plus 2.85%, which was 4.02% and 3.74%, at June 30, 2017 and December 31, 2016, respectively – $3,000 maturing January 23, 2034	$	2,028	$	1,996
Midland States Preferred Securities Trust – variable interest rate equal to LIBOR plus 2.75%, which was 3.90% and 3.63% at June 30, 2017 and December 31, 2016, respectively – $10,000 maturing April 23, 2034		9,958		9,957
Love Savings/Heartland Capital Trust III – variable interest rate equal to LIBOR plus 1.75%, which was 3.00% and 2.71% at June 30, 2017 and December 31, 2016, respectively – $20,000 maturing December 31, 2036		13,215		13,141
Love Savings/Heartland Capital Trust IV – variable interest rate equal to LIBOR plus 1.47%, which was 2.69% and 2.42% at June 30, 2017 and December 31, 2016, respectively – $20,000 maturing September 6, 2037		12,386		12,311
Centrue Statutory Trust II - variable interest rate equal to LIBOR plus 2.65%, which was 3.92% at June 30, 2017 - $10,000 maturing April 22, 2034		7,569		—
Total trust preferred debentures	$	45,156	$	37,405

In conjunction with the acquisition of Centrue on June 9, 2017, as further discussed in Note 3 to the consolidated financial statements, the Company assumed $10.0 million of subordinated debentures that were recorded at a fair value of $7.6 million at the time of acquisition. In April 2004, the Centrue Statutory Trust II (“Centrue Trust II”) issued 10,000 shares of preferred securities with a liquidation amount of $1,000 per preferred security. Centrue issued $10.0 million of subordinated debentures to Centrue Trust II in exchange for ownership of all the common securities of the trust. The Company is not considered the primary beneficiary of Centrue Trust II, therefore, the trust is not consolidated in the Company’s consolidated financial statements, but rather the subordinated debentures are shown as a liability, and the Company’s investment in the common stock of Centrue Trust II of $310,000 is included in other assets.