Derivative Financial Instruments - Interest Rate Swap

12 Months Ended

Dec. 31, 2011

Interest Rate Derivatives [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Derivative Financial Instruments - Interest Rate Swap

On April 21, 2011, the Company entered into a forward interest rate swap (the "Swap") with Wells Fargo Bank, N.A., pursuant to which the Company swapped the floating rate portion of its $35.0 million in outstanding preferred trust securities to a fixed rate of 3.47% per annum payable quarterly for an effective rate of 7.57% after adding the applicable margin on the trust preferred securities of 4.10%. The Swap, which has been designated a cash flow hedge, has a term of five years, commencing when the interest rate on the underlying trust preferred securities begins to float in June 2012 and expiring in June 2017. As of December 31, 2011, the Company recorded a $2.3 million unrealized loss, net of tax, on the fair value of the Swap in accumulated other comprehensive income and recorded $3.6 million in other liabilities and $1.3 million in deferred taxes.