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Trust Preferred Securities
3 Months Ended
Mar. 31, 2020
Trust Preferred Securities [Abstract]  
Trust Preferred Securities [Text Block]

NOTE 10 – TRUST PREFERRED SECURITIES


On September 15, 2005, RST II, a wholly-owned subsidiary of the Company, closed a pooled private offering of 10,000 Capital Securities with a liquidation amount of $1,000 per security. The proceeds of the offering were loaned to the Company in exchange for junior subordinated debentures with terms similar to the Capital Securities. Distributions on the Capital Securities are payable quarterly at a variable rate that is based upon the 3-month LIBOR plus 1.80 percent and are included in interest expense in the consolidated financial statements. These securities may be included in Tier 1 capital and may be prepaid at anytime without penalty (with certain limitations applicable) under current regulatory guidelines and interpretations. The balance of the Capital Securities as of March 31, 2020 and December 31, 2019 was $10.3 million, with a maturity date of September 15, 2035.