Note 11. Debt and Junior Subordinated Debt Securities

12 Months Ended

Dec. 31, 2016

Notes

Note 11. Debt and Junior Subordinated Debt Securities

Note 11.          Debt and Junior Subordinated Debt Securities

(A)              Debt

Outstanding debt, for the periods indicated, consists of the following (in thousands):

		December 31,
		2016		2015
Term loan payable to bank	$	-	$	2,000
Other term loans		-		2,964
Line of credit		-		225
	$	-	$	5,189

The Company made aggregate cash payments of $4,789,000 and $2,617,000 for the repayment of debt during the years ended December 31, 2016 and 2015, respectively. The remaining $400,000 of debt is included in other liabilities on the Consolidated Balance Sheet at December 31, 2016.

(B)       Junior Subordinated Debt Issued to Trust Preferred Subsidiaries

At December 31, 2015, the Company had three statutory business trusts that were formed for the purpose of issuing trust preferred securities, totaling $37,000,000, to institutional investors in pooled issuances. Although the Company owned all of the trusts' common securities, it was not the primary beneficiary and, therefore, the trusts were unconsolidated subsidiaries for financial reporting purposes. As a result, the Company recorded liabilities of $38,146,000 for junior subordinated debt and assets of $1,146,000 for the investments in trust subsidiaries (included in other investments on the accompanying Consolidated Balance Sheet) at December 31, 2015. The Company's subordinated debt securities, which were the sole assets of the subsidiary trusts, were unsecured obligations of the Company and were subordinate and junior in right of payment to all senior indebtedness of the Company. The Company provided a full and unconditional guarantee of amounts due on the trust preferred securities. The terms of the junior subordinated debt securities, including interest rates and maturities, were the same as the related trust preferred securities.

In the fourth quarter of 2016, the Company made aggregate cash payments of $38,146,000 to redeem all of the outstanding junior subordinated debt securities at the redemption price of 100%.

Aggregate cash payments for interest on debt and junior subordinated debt securities totaled $1,865,000, $1,738,000 and $1,804,000 for the years ended December 31, 2016, 2015 and 2014, respectively.