Note 9. Long-Term Debt

As of December 31, 2017 and 2016, long-term debt was comprised of the following:



	December 31,
(in thousands)	2017		2016
Subordinated notes payable, maturing June 2045	$	150,000	$	150,000
Subordinated notes payable, maturing April 2017		—		95,511
Term note payable, maturing December 2018		89,200		107,100
Other long-term debt		71,378		89,196
Less: unamortized debt issuance costs		(5,065)		(5,527)
Total long-term debt	$	305,513	$	436,280

The following table sets forth unamortized debt issuance costs associated with the respective debt instruments as of December 31, 2017:


				Unamortized
				Debt
				Issuance
(in thousands)		Principal		Costs
Subordinated notes payable, maturing June 2045	$	150,000	$	4,780
Term note payable, maturing December 2018		89,200		285
Other long-term debt		71,378		—
Total	$	310,578	$	5,065

On March 9, 2015, the Company completed the issuance of subordinated notes payable with an aggregate principal amount of $150 million, maturing on June 15, 2045. These notes accrue interest at a fixed rate of 5.95% per annum, with quarterly interest payments which began in June 2015. Subject to prior approval by the Federal Reserve, the Company may redeem the notes in whole or in part on any interest payment date on or after June 15, 2020. This debt qualifies as tier 2 capital in the calculation of certain regulatory capital ratios.

The Company redeemed the remaining principal of $95.5 million of subordinated notes at their maturity in April 2017. The notes had accrued interest at 5.875% per annum.

On December 18, 2015, the Company entered into a senior unsecured single-draw term loan facility totaling $125 million, which was drawn on the closing date. Amounts borrowed under the loan facility bear variable rate interest of LIBOR plus 1.50% per annum. The loan agreement requires quarterly principal payments of $4.5 million, and outstanding borrowings may be repaid in whole or in part at any time prior to the December 18, 2018 maturity date without premium or penalty, subject to reimbursement of certain lenders’ costs. As of December 31, 2017, the remaining principal balance was $89.2 million. The Company must satisfy certain financial covenants on this term note payable and is subject to other restrictions customary in financings, none of which are expected to adversely impact the operations of the Company. Financial covenants cover, among other things, the maintenance of minimum levels for regulatory capital ratios, consolidated net worth, consolidated return on assets, and holding company liquidity and dividend capacity, and specify a maximum ratio of consolidated nonperforming assets to consolidated total loans and other real estate. The Company was in compliance with all covenants as of December 31, 2017.

Substantially all of the Company’s other long-term debt consists of borrowings associated with tax credit fund activities. Although these borrowings have indicated maturities through 2053, each is expected to be satisfied at the end of the seven-year compliance period for the related tax credit investments.