Long-Term Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Long-Term Debt

Note 10. Long-Term Debt

As of December 31, 2019 and 2018, long-term debt was comprised of the following:

	December 31,
(in thousands)	2019			2018
Subordinated notes payable, maturing June 2045	$	150,000		$	150,000
Other long-term debt		87,890			79,598
Less: unamortized debt issuance costs		(4,428	)		(4,605	)
Total long-term debt	$	233,462		$	224,993

The following table sets forth unamortized debt issuance costs associated with the respective debt instruments as of December 31, 2019:

					Unamortized
					Debt
					Issuance
(in thousands)		Principal			Costs
Subordinated notes payable, maturing June 2045	$		150,000	$		4,428
Other long-term debt			87,890			—
Total	$		237,890	$		4,428

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.

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.