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LONG-TERM DEBT (Tables)
6 Months Ended
Jun. 30, 2012
Schedule Of Long-Term Debt
     June 30,
2012
    December 31,
2011
 

Parent Company:

    

3.12% junior subordinated debentures due 2034 (1)(a)

   $ 8,248      $ 8,248   

2.18% junior subordinated debentures due 2035 (2)(a)

     51,547        51,547   

1.97% junior subordinated debentures due 2035 (3)(a)

     41,238        41,238   

10.00% junior subordinated debentures due 2068 (a)

     143,760        143,760   
  

 

 

   

 

 

 

Subtotal

     244,793        244,793   

Subsidiaries:

    

FHLB advances

     10,000        15,000   

3.97% subordinated debt facility due 2015 (4)(b)

     120,000        120,000   
  

 

 

   

 

 

 

Subtotal

     130,000        135,000   
  

 

 

   

 

 

 

Total long-term debt

   $ 374,793      $ 379,793   
  

 

 

   

 

 

 

Weighted average interest rate of FHLB long-term advances at period end

     4.15     4.42

Weighted average remaining maturity of FHLB long-term advances at period end (in years).

     4.9        4.1   

 

(1) 

Variable rate in effect at June 30, 2012, based on six-month LIBOR + 2.65%.

(2) 

Variable rate in effect at June 30, 2012, based on six-month LIBOR + 1.71%.

(3) 

Variable rate in effect at June 30, 2012, based on six-month LIBOR + 1.50%.

(4) 

Variable rate in effect at June 30, 2012, based on six-month LIBOR + 3.50%.

(a) 

Qualifies as Tier I capital for regulatory capital purposes under current guidelines. Tier I capital treatment is proposed to be phased out over a ten-year period starting in January 2013 under recently proposed capital rules that would revise and replace current regulatory capital requirements. These instruments would continue to qualify as Tier II capital under the proposal.

(b) 

Effective in the third quarter 2010, Tier II capital qualification was reduced by 20% of the total balance outstanding and annually thereafter is reduced by an additional 20%. As of June 30, 2012 and December 31, 2011, 60% of the balance qualified as Tier II capital for regulatory capital purposes.

Scheduled Maturities Of Long-Term Debt
     Total  

Year ending December 31,

  

2013

   $ —     

2014

     2,000   

2015

     123,000   

2016

     —     

2017 and thereafter

     249,793   
  

 

 

 

Total

   $ 374,793