BANNER CORP | 2013 | FY | 3


The following table is a summary of trust preferred securities at December 31, 2013 (dollars in thousands):
Name of Trust
 
Aggregate Liquidation Amount of Trust Preferred Securities
 
Aggregate Liquidation Amount of Common Capital Securities
 
Aggregate Principal Amount of Junior Subordinated Debentures
 
Stated Maturity
 
Current Interest Rate
 
Reset Period
 
Interest Rate Spread
 
Interest Deferral Period
 
Redemption Option
Banner Capital Trust II
 
$
15,000

 
$
464

 
$
15,464

 
2033
 
3.59
%
 
Quarterly
 
Three-month
LIBOR + 3.35%
 
20 Consecutive
Quarters
 
On or after
January 7, 2008
Banner Capital Trust III
 
15,000

 
465

 
15,465

 
2033
 
3.14

 
Quarterly
 
Three-month
LIBOR + 2.90%
 
20 Consecutive
Quarters
 
On or after
October 8, 2008
Banner Capital Trust IV
 
15,000

 
465

 
15,465

 
2034
 
3.09

 
Quarterly
 
Three-month
LIBOR + 2.85%
 
20 Consecutive
Quarters
 
On or after
April 7, 2009
Banner Capital Trust V
 
25,000

 
774

 
25,774

 
2035
 
1.81

 
Quarterly
 
Three-month
LIBOR + 1.57%
 
20 Consecutive
Quarters
 
On or after
November 23, 2010
Banner Capital Trust VI
 
25,000

 
774

 
25,774

 
2037
 
1.86

 
Quarterly
 
Three-month
LIBOR + 1.62%
 
20 Consecutive
Quarters
 
On or after
March 1, 2012
Banner Capital Trust VII
 
25,000

 
774

 
25,774

 
2037
 
1.63

 
Quarterly
 
Three-month
LIBOR + 1.38%
 
20 Consecutive
Quarters
 
On or after
July 31, 2012
Total TPS liability at par
 
$
120,000

 
$
3,716

 
123,716

 
 
 
2.33
%
 
 
 
 
 
 
 
 
Fair value adjustment
 
 
 
 
 
(49,788
)
 
 
 
 
 
 
 
 
 
 
 
 
Total TPS liability at fair value
 
 
 
 
 
$
73,928

 
 
 
 
 
 
 
 
 
 
 
 

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