Long-Term Debt

12 Months Ended

Dec. 31, 2011

Long-Term Debt [Abstract]

Long-Term Debt

Note 20 — Long-Term Debt

The Company’s long-term debt is comprised principally of junior subordinated notes which were issued in connection with the issuance of trust preferred securities. The following table presents the outstanding balance and related interest rates of the long-term debt as of the dates indicated.

	December 31,
	2011				2010
	(Dollars in thousands)
Junior Subordinated Notes
Floating 3 Month LIBOR
Plus 3.25%(1), matures 2032	$	25,774	3.82	%	$	25,774	3.55	%
Plus 3.25%(1), matures 2033		25,774	3.65	%		25,774	3.54	%
Plus 3.25%(1), matures 2033		25,780	3.83	%		25,780	3.55	%
Plus 2.00%(1), matures 2035		25,774	2.40	%		25,774	2.29	%
Plus 2.00%(1), matures 2035		25,774	2.40	%		25,774	2.29	%
Plus 1.75%(1), matures 2035		51,547	2.30	%		51,547	2.05	%
Plus 1.50%(1), matures 2035		25,774	1.90	%		25,774	1.79	%
Plus 1.45%, matures 2037		25,774	2.00	%		25,774	1.75	%
Plus 2.50%, matures 2037		15,464	3.05	%		15,464	2.80	%
Subtotal	$	247,435			$	247,435
Other debt
Fixed 7.00% due 2013		1,150				1,175
Total long-term debt	$	248,585			$	248,610

(1) The securities are currently callable by the Company.

Interest on all junior subordinated notes related to trust preferred securities is payable quarterly. Under these arrangements, the Company has the right to defer dividend payments to the trust preferred security holders for up to five years. For information about the deferral of dividends, refer to Note 2 — Recent Developments.

The following presents the aggregate annual maturities of long-term debt obligations (based on final maturity dates).

	December 31, 2011
	(Dollars in thousands)
2012	$	25
2013		1,125
2014		—
2015		—
2016		—
Thereafter		247,435
Total	$	248,585